7 Rookie Inventory Management Mistakes to Avoid in Retail

Inventory management is one of the most vital elements to the success of a new retail business. Keeping track of your inventory levels at all times helps you find products quickly (when you need to serve customers), understand your most popular and least popular products, identify sources of loss, and monitor and improve your profitability.

Inventory management mistakes

Unfortunately, inventory management isn’t as straightforward as it seems on the surface, and most new retail entrepreneurs end up making serious mistakes in the creation or execution of their overall strategy.

The Biggest Mistakes in Inventory Management

These are some of the most common and devastating mistakes new retail businesses make in inventory management:

1.

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Business Law: 3 Things To Take Into Account If You Want To Sell Your Business

There comes a point in every business owner’s life when he takes his time to think about the idea of selling his business. Deciding to part with your business, though, is no easy task. As a matter of fact it is a very stressful undertaking.

Business for sale

Selling your business can sometimes be overwhelming, and most often a difficult process to handle. This process involves a lot of consideration and evaluation. This makes it imperative that you seek the advice of professionals and think about your decision very carefully.

That is why we have compiled some of the basic considerations that you need to take into account when deciding to sell your business.…

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Looking the Part – A Guide To Effective Visual Merchandising

Retailers are always faced with the challenge of trying to figure out new ways to pull customers into their establishment. Your store’s appeal is very important as it is the first impression you make on the public. Establishments that are clean and that speak to the brand’s identity are always a draw for consumers in a marketplace that can be very competitive.

Visual merchandising guide

For retailers who are looking to get ahead of the competition, visual merchandising helps to create a picture of the brand’s values in the minds of consumers. Expert visual merchandising from Sparfacts and other marketing businesses can flesh out an entire image for a retail establishment by focusing on the store’s arrangement, individual displays, and campaigns to drive sales.…

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How to Keep Your Business Safe For Employees

As business owners, we value the contributions that our employees give. For sure, they are essential to a company’s growth. That said, it’s important that we make sure their needs are met and secure their well-being. After all, you won’t be able to deliver products and services to your market if you have high-performing workers stricken down by injuries.

Business safety

No doubt, the best way we can keep our employees healthy and our operations consistently productive is prioritizing workplace safety. No doubt, this is not something we need to secure at the office. It’s also a moral necessity that also has a lot to do with protecting your business’ reputation.…

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4 Small Business Grants That Can Help Support Your Growing Business

Starting a business or getting a business to grow beyond its initial year can be challenging, especially when funds are an issue. This is why a lot of small business owners often use up their own savings to fund their business. Others use their credit cards, or take out a loan. The downside to this is that they will incur interest while they repay their debt. This can make it more difficult to funnel all your resources into improving your business.

Government grant funding

Luckily, business owners can turn to grants. Grants are funds that are awarded to individuals or groups that do not require repayment of the awarded amount.…

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The Legal Bulwark: Why Even Small Businesses Need Lawyers

It’s easy for small business owners to hold off on spending their precious resources on legal assistance, especially when their business is still in its infancy. This is strange, especially when you take into consideration the fact that the very same owners rarely hesitate to spend money on accountants and insurance agents. Lawyers do not enjoy the same level of “need” as those professionals who specialize in all things finance.

Meeting with a lawyer

And the sad truth is that this is a rookie mistake that no business owner should ever make. As we are all aware, the law is a cruel mistress that shows no mercy towards those who incur her wrath.…

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Build Your Financial Future by Building Business Credit

From the moment we open our first bank account or get our first credit card, we are bombarded with tips, opinions, and information, from our family and financial advisors, on the importance of building personal credit.

Personal credit is of course incredibly important, but many business owners do not place the same importance on business credit.

Building business credit

Maybe you don’t know how to build business credit, but let me assure you, it is imperative in order to ensure the longevity and success of your business. Here are just a few ways in which a good business credit score can impact your business:

1.

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What Should your Financial Advisor be Responsible For?

Thanks to the rise of financial management groups like Betterment and Wealthfront, we’ve seen so-called “robo-advisors” and the use of increasingly advanced algorithms disrupt the financial services sector.

Hiring financial advisor

The vast majority of everyday citizens are still likely to turn to a traditional financial advisor when organising their money, however, as this provides them with a reliable point of contact who can offer reassurances concerning the validity of their investments.

This is just one aspect of a financial advisor’s role, however, which encompasses a number of different tasks on a daily basis. We’ll address this further below, while asking what your financial advisor should actually be responsible for.…

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Power Control Solutions – Things to Know

When running a business, the most important element, no matter what, is power. Not power as in who’s in charge, but the type of power that operates everything.

Power control solutions trends

However, what you may not know, is that direct from the electricity grid is unsuitable for the equipment it supplies. While you may be shocked to hear this, there are countless companies out there, such as XP Power, who offer power control solutions across the globe.

But you may be wondering how the industry works.

The Market

Firstly, you need to look at the market. Worth an estimated £1.5 billion worldwide, these manufacturers compete with each other to provide power conversion to hundreds of thousands of customers.…

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A Guide to Marketing a New Hospitality Business

From starting your own catering business to running a fully-fledged chain, the hospitality sector is notoriously tough. Whether you’re hiring staff, changing suppliers or kitting out your kitchen, the on-going success of your business hinges on good marketing.

Restaurant manager promoting dishes

No matter what type of business you run, from a catering company or food truck to restaurant or bar, you need to promote yourself.

Advertising agencies, television and radio are all effective methods, but can be costly. And adding more expensive outgoings to an already long list is something every hospitality business can do without. There are many ways of gaining maximum exposure at a fraction of the cost.…

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