Top Tips for Businesses trying to control Inventory Issues

By Alexi Boyd | Tuesday July 23

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 23 July 2019

Inventory control and management can be one of the biggest headaches for a huge number of businesses out there; particularly emerging ones. Knowing how much you have of each component or ingredient, its location and its age is absolutely essential when each of these building blocks are your bread and butter.

Plus a change to any product component or staff or storage - even when it does means positive growth can sometimes create more turmoil than it is worth. But small businesses all know change IS necessary for success and as our guest this coming week will explain it can, without the right tools in your arsenal, break your business.

Here to share his experience is Rhys Roberts, the founder of Cloudsolve here to share his wealth of experience with businesses of all sizes with inventory management. He knows first hand what the solutions are if you feel like it is all getting out-of-control.

Welcome to the show Rhys.

Topics we’ll be covering:

Why do so many small to medium businesses struggle with inventory? Why is it important to get it right?

What are the main challenges people get stuck on? What do they find difficult?

  • Double handling
  • Inadequate reporting (excel)
  • Inconsistent profit because you don’t have stock on hand
  • Trickle down effect into your financials
  • Customer service – are you missing opportunities as you run out?

Let’s talk about the implications of poor inventory management. What happens if you get it wrong? For example legal obligations with tracking goods/batches etc?

  • Distribution & batch tracking
  • Financial what do you need to be aware of in terms of financials?

We have bricks and mortar business, online stores, ecommerce, manufacturing and wholesale business. How are they the same and or different when it comes to inventory? Do they have different issues or similar?

  • Distribution & batch tracking
  • Stock control for goods manufacturing
  • Packaging – over-ordering/underordering
  • Mismatching what’s been ordered and what’s available! This is integration is a MUST.
  • Trickle down effect
    • Distribution holdups
    • Poor customer relations

So if I’m a business owner... I’m treading water with outdated systems that are kind of working, but I can see and feel things could be improved. Is it too late? Do I just have to grin and bear it?

  • Absolutely not, it’s never too late to improve your processes

How do I know what’s right for my business, because every busy is different?

  • Software selection is a BIG decision
  • Examining your business and getting the right solution.
  • Talking to all aspects of the business

Tell us more about Cloud solutions for inventory, what are they and how they help businesses?

Emergence of the cloud integrator - how can they help? What do they do?

  • Conversation around what they can help you with

Let’s talk about Cost

  • Can small business handle the investment that It costs?
  • The misconception of DIY and time vs professional implementation

Training and using the system

  • Training and upskilling NOT a waste of time.
  • Typically a small business owner underestimates the importance of training your staff not you.
  • You’re trying to save money because you think you’re teacher as well as a business owner but you’re not. And you don’t have the  time!
  • How do you approach training your clients? Is it part of your service?

What’s the one piece of advice you’d like to give businesses struggling with their stock management?

To find out more go to their website: www.cloudsolve.com.au/

 

Rhys Roberts

Founder - Cloudsolve

Rhys Roberts loves nothing more than transforming businesses by implementing smart, tailored inventory integrations.  As a Cloud Integration industry leader with more than 25 years’ experience in the retailing, manufacturing, accounting and technology sectors, his expertise is second to none.

Whilst his corporate experience is extensive, it was the unique combination of his accounting and manufacturing skills that resulted in identifying the gap between bespoke integration and customer needs. Cloudsolve - a business for businesses - was subsequently launched in 2016.

Having implemented solutions for Campos Café, Botanica Brands, Pure Pops and Mr Black Vodka to name a few, Rhys finds enormous satisfaction in seeing businesses grow, flourish and reach their full potential.