PART 3: GETTING THE BEST RETURN ON INVESTMENT: Maintaining, Tracking and Controlling Your Inventory

It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

Your Inventory Needs To Be Managed

c) ROI: Inventory Management

The Kinds Of Things You Want To Be Doing
In Inventory Management

Monitoring and managing inventory involves several interrelated activities. These activities will place time and cost burdens on you. Luckily, much of this can be computerized. There is inventory management software available, some of it specialized for the various design and maker professions. If you are selling things online, your shopping cart system will accommodate a lot of this.

These activities include:

1. Par Levels

2. Storing and Tracking FIRST IN, FIRST OUT

3. Supplier Relationships

4. Resiliency

5. Auditing