Need help? Give us a call: (312) 313-1737

5 Inventory Management Tips That’ll Save You Money

RepairDesk Blog > Blog > Business Tips > 5 Inventory Management Tips That’ll Save You Money
5 Inventory Management Tips That’ll Save You Money

5 Inventory Management Tips That’ll Save You Money

When you run a cell phone repair shop, you already know, there’re plenty of inventory items, repair parts, accessories and other things to handle. Inventory management is not easy on the mind as one might think – it can take your business to new heights, or it can break your business’s overall structure. CNBC reported that out-of-stocks, overstocks, and returns cost retailers $1.75 trillion per year.

Considering the inventory costs, the need for inventory optimization has been growing since the past decade due to the rising trends of the latest technological gadgets, increases in customer demand and expanding product ranges. To help you tackle the whole thing, we’ve highlighted 5 useful inventory management tricks down below.

Avoid Overstocking

When you buy more inventory than you can sell, you lower your profits. You’re spending money on stock that you won’t earn back with the goods not selling. Your excess inventory leads to greater storage costs, more time to get to the right section and extra effort.

To keep a good quantity of inventory, data is crucial. At regular intervals, check how fast different products move so you can quickly push slow-moving inventory with discounts and special deals. Analyze your best-selling items, and use trends in the market and sales from the same month in the previous year to get a better estimate of your needs.

“Inventory is the money sitting around in another form.”

Keep an Eye on Reorder Point

Knowing what you have and what you need at the right time is the key to effective inventory management. As a busy owner, you need a system for becoming aware of when your inventory reaches those levels so you know when to fill up your stock. RepairDesk offers you a great option in terms of inventory tracking and reordering.

‘A complete solution to manage your inventory, create reorder alerts, view inventory summary report and make purchase orders in no time’.

Want to learn more about RepairDesk? Check us out here!

Set up reorder alerts to make sure that you don’t get out-of-stock. Create a daily calendar reminder to check whether your stock has reached par levels and needs to be reordered.

Get Rid of Obsolete Stock

Sometimes it can be actually more expensive to hold onto items rather than cleaning up! There’ll be plenty of items that you’ve overstocked on and have planned to use someday, but unfortunately, you’ve got no reason to use those repair parts even after months.

Auditing your shop after specific intervals will let you know about these stats very clearly. The best way to free up your shelves is to offer a “SALE” on those least-used items, start a promotion, or go for giveaways. These steps may just end up attracting more business for you in the long run, so look into them as a viable option!

Value Your Inventory

How a business chooses to determine its inventory value has a direct impact on its financial reporting and profit margins. To find out the worth of your inventory, go for the best inventory valuation method for your business.

Choose from the most widely-used valuation methods and apply them to your business model. To get details about inventory valuation importance, read our 5-minute blog article: Why is Inventory Adjustment & Valuation Important for Your Repair Business?

Automate Workflows with an Inventory Management Software

Gone are the days of manually recording every transaction on pen and paper. It’s time to ditch traditional inventory management in favor of modern cost-effective methods that can help your business grow much faster. With large amounts of inventory items and accessories, inventory management is an obvious area where automated systems and software can be of big help.

RepairDesk is a POS software that allows you to not only keep track of everything ordered from every supplier but can also aid you in knowing real-time inventory levels.

RepairDesk makes your life easier by helping you manage your work effortlessly and with just a few clicks. We have everything – from creating repair tickets to inventory management and more. Get a FREE trial of our all-in-one POS software for your cellphone repair store and see it for yourself!

Sign Up for a 14-day FREE Trial!


Leave a Reply

Recent Posts

Small business can go big with our computer repair shop software

How to Scale Your Small Business to a Big Repair Venture

Every repair business starts small. That being said, not every small business makes it big. Why? Because it takes more than basic repair skills for a local repair service provider

RepairDesk iPad release notes v5.5

iPad Release v5.5: Custom Fields & Two-Factor Authentication

RepairDesk's new iPad Release v5.5 is now live! With this new release, we bring some improvements to our iPad app and put it on parity with features from our web

Phone Geeks and our computer repair shop software

Why Phone Geeks Use RepairDesk to Manage their Multiple Repair Stores

Growing his repair business, Phone Geeks, from one to three store locations within three years and running the places with a total of six employees, Muhammed Yadak is doing something

4th of July

4th of July Marketing Ideas for Your Computer Repair Store

America's Independence Day is almost here, and while the novel COVID-19 has certainly changed the lives of people everywhere, many are still planning to celebrate the big day: the 4th

Sell used phones with our cellphone repair shop software

Tips for Selling Used Phones at Your Cell Phone Repair Shop

Do you buy and sell used phones at your cellphone repair shop? Are you looking for ideas to make the most out of these second-hand device sales? If so, you

RepairDesk Roundup June 2020

RepairDesk Round-up – June Edition

It’s the end of June, and we wanted to get in touch with you on all the things we’ve done so far. RepairDesk has come a long way since the

Cybertek is growing with our computer repair shop software

How Cybertek Computer Repair is Growing with RepairDesk

Ready to celebrate the first anniversary of Cybertek Nambour, our friend Adam Donovan is growing his successful repair business by opening a second store in Mooloolaba, Australia. His repairs have

Best computer accessories to sell with our computer repair shop management software

Best Laptop and Computer Accessories to Sell in 2020

2020 has been a dramatic year so far and unlike anything we’ve ever seen. Its roller coaster ride is not over yet and people are trying to adjust. While many

New tax report is here in your computer repair shop software

Say Hello to the New Tax Report in Your Repair Shop Software

No business should ever take a break from improvement. It should keep on changing itself for the better to evolve into its best avatar. That is exactly what we do

Contactless Payments

Follow the New Trend of Contactless Payments with RepairDesk

"Contactless Payments" is a term that's been widely used in the retail industry, and for a good reason. The novel COVID-19 is still making rounds in several parts of the


Ready to get started?

"Say goodbye to complicated ticket workflow and manual inventory management"

TRY FOR FREE

14 days Free Trial - No credit card required