It’s always a pleasure connecting with various people through this blog, whether they are fans or new comers discovering this blog through any means. You are warmly welcome. Our goal is to share as much as possible, quality information regarding entrepreneurship or business management, so that entrepreneurs globally can improve their enterprise management. While some entrepreneurs have many things right in their businesses due to the internal availability of skill and knowledge bases including the right human capital, other entrepreneurs don’t have that advantage or privilege and cannot even afford to pay for consultants or knowledgeable staffs, and hence rely on tips from websites and resources such as this to improve the management of their enterprises. We aim to ensure that enterprises are run profitability, efficiently and effectively, with social, ethical and environmental responsibly, and in a sustainable manner in the interest of entrepreneurs, other stakeholders and humanity in general.
Well, after that primer, let me get into our topic of the day – INVENTORY. The word inventory refers to raw materials, work-in-progress, finished goods, spare parts and other supplies that businesses use in the normal course of business. The terms ‘stocks’ or ‘merchandise’ also refer to inventory. Inventory management refers to the entire process involved in ordering, storing, using and accounting for inventories. Today our focus is on vital or principal facts and considerations an entrepreneur must know about inventory. Before we proceed, let me say here that some enterprises do not hold inventory and hence these points may not be relevant to them. For entrepreneurs to whom inventory is critical, let’s proceed and consider these points. These are vital considerations that can help you minimize costs, avoid and minimize losses, keep your customers happy, and comply with laws and regulations. Moreover, you have lots of gains in your business by following these guidelines. Come on!
So, what are the principal considerations for an entrepreneur regarding inventory or stocks?
OK now. It has been another long one today, but I think entrepreneurs deserve it. The long write-up must now be balanced with a swift close and that is exactly what I will do.
So, till then,
The Wise Entrepreneur