Manage your Inventory like the Pros!

An organized software and good customer relationship is what everyone should aim at.

Mr. Rajesh, 28 years old left his well-paid job in the mobile accessories industries in July 2016.  He had the entrepreneurial instinct which inspired him to start grocery and raw food delivery business. This business includes delivering basic necessities like Atta, Rice, and Spices etc. In the initial days, tall and well-built Rajesh, would take orders on call and give a handwritten invoice from the invoice book. His Unique Selling Point was delivering quality goods directly at the doorsteps.

The stocks he would purchase would be against sales only and mostly were delivered on the same day. As the number of deliveries started increasing he realized that purchasing stock in a bulk quantity would give him better profit margins and he would not fall short of stock supply. After about 7 months, he started buying in bulk quantity and took a place on rent.  

Rajesh started building his team for delivery and had set up an office as well. As the business grew, he understood the importance of recording all the sales and purchases in organized software rather than handling it manually. He also learned that Inventory Management is essential. His outstanding was also well managed as the receipts were directly accounted in the books from the software. He was now able to get his entire Inventory statement from the software which helped him plan his purchases and meet the customer demand.  Every day morning the first thing he would do is verify the aging of stock as the expiry date is an important element in the food/grocery business.

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By the end of the year, Rajesh had set up an office and also had a team of seven members to run the business. By the word of mouth publicity the number of customers has increased, however, the business process remains the same i.e. taking orders on call and delivering quality products and services.

When asked Rajesh about the working of the business, He said “Great”. When probing further we asked, “How are you expecting the next level of your growth?” There was some kind of confusion that was felt he stated that “by reiterating the process adopted till now it would be sufficient for growth.”

Rajesh isn’t alone, In India, 85 % of SME’s aren’t clear about the growth opportunities and processes required. The business method that Rajesh individually followed in 2016 was multiplied by “Team Rajesh” in 2017. To ensure business growth change in processes is a must.

Here are the following suggestions which “Team Rajesh” can adopt in order to keep a balance between the Demand & Supply for the products:

  1. Use the Sales Order Team can track individual orders, manage the timeline to deliver, and ensure optimum resources are spent in deciding the route for delivery.
  2. Analyze the buying and consumption patterns of the customers by using Pivot Report.
  3. Maintain Minimum Order Quantity (MOQ) and keep a close tab on reorder level reports.
  4. Use Social Media aggressively to ensure good business, collecting references from a happy client is a must.
  5. As food products are highly priced variable commodities, compare the Price Movement of purchases through Pivot Report for each vendor.
  6. Monitor the expiry date and aging of stocks through Batch-Wise
  7. Creation of a Checklist in each of the business processes to bring standardization of packaging, delivery and communicating with customers and vendors is essential.

All the above features (Except 4 and 7) are available in the standard TallyPrime which is the simplest tool for Accounting and Business. It helps the organization to grow leaps and bounds.

Manage your Inventory efficiently by using TallyPrime. To learn the working of the software and Inventory management in TallyPrime write to us at sales@aimtechbs.in for assistance.

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