The Painful Small-Business Inventory Lessons I've Learned

Small business inventory management can be a huge pain--but poor inventory management can make your life miserable for multiple reasons. Today I'll share my 6 critical reasons good inventory management is so important.

[nuineyc]

You could use a two bin system for your inventory:
There are two bins filled with stock, on the bin is the quantity that it is filled with, and the supplier, and the part number.
There is an open bin on top or in front of the reserve bin. When the open bin is empty it triggers a re-order. The reserve bin becomes the open bin, and the new bin is put behind or underneath it when it comes.

This allows you to easily quantify your inventory, prevent overstock, prevent out of stock, all without requiring the labor of constantly counting and re-counting your stock.

Alternatively you could use a three bin system like Toyota.

[alexclemons]

Pushing 200k in revenue in first 10 months at 27. It's a start. But all these guys, Mr. Fence, Successful contractor, Ozark, Alex Hermozi. Game Changers. I struggle with the confidence to start the youtube journey. Ya boy out here with performance anxiety. ): Id love to document my start up journey and somehow get involved in all this networking online.

[razorbackroar]

man do more inventory videos you did phenomenal. you were made for this brother.

[NoahDevine]

A lot of great tips and agree inventory usually gets overlooked. Looking foward to the next video 👍

[angelique]

I searched online about inventory management as I am working for an inventory software company, I have learned a lot from you and hopefully we can create a powerful software that will change the game of contractors making it easy for them to do inventory management

[MRO-Management]

Inventory cataloging is the foundation of your inventory management system. Making sure each item on the shelf is cataloged to the correct specification will reduce your duplication, overstocking and incorrect order of items.

[akreacts]

Great content! I was recently laid off from my job, always had an upgrade from whatever previous job I had! I’ve seen a few inventory jobs, but I wanted to get more knowledgable on ideas of keeping inventory accurate & what to look for in keeping things organized!

[tony]

Another big reason your inventory can be MASSIVELY important is for insurance reasons. God forbid your warehouse is blown away by a tornado or consumed by fire, you should have an insurance policy in place with inventory coverage. Even if you do have insurance they will require you to demonstrate you had the inventory in place, which for most businesses involves the insurance company hiring a forensic accountant that will try to estimate your inventory value based on inventory purchases and product sales, meaning a lengthy review of your business’ financial documents. This process can take several months, during which time you won’t be getting any insurance payout, and it often results in some amount of claimed inventory not being paid out because it couldn’t be documented even with the review of financial docs.

On the other hand, if you provide a detailed spreadsheet with recent inventory amounts and maybe a few photos of your warehouse pre-loss, you’ll get paid out your insurance money so much faster.

[NoahDevine]

So happy that you guys have been posting regularly look forward to many more have great dang day 👍👍👍

[rogerbettencourt]

This one was great, next week sounds gooder. Can’t wait.

[hebermolina]

Thanks for this information. Looking forward to next week’s video.

[patolorde]

Thank you, learned at lot. the video was also very enjoyable to watch

[claytoncreager]

Excellent, helpful content as always. Thanks, y'all.

[lukestevens]

Absolutely incredible information. I would be happy paying for YouTube videos like this.

[karringtonwashington]

What do you need to have before having an inventory system? How far should I know what my purpose is before getting what I need?

And What’s a good inventory system?

[radioactive]

YouTube algorithm blessed me with Swi's second channel 🙏

[shanetube]

Great video! -- I would love to know more about how you keep inventory on each truck out on job sites. Any things to look out for, or tips and tricks?

[liveu]

Learned more on this video than googles explanation 🤦🏽‍♂️💯

[tolanfeagins]

Where did you get those blue yellow and red bins on your storage shelves? Those would be amazing for my products in my storage.

[debraharris]

Looking forward to the follow up video on setting up an inventory system! Great content! When will it be on your channel? Thanks!