A small business owner's guide to inventory management

Effective inventory management lets businesses track stock levels so they never miss sales opportunities and avoid overstocking, affecting cash flow, demand forecasting, and customer retention. The guide outlines seven methods including FIFO/LIFO, Just-In-Time (JIT), and ABC analysis, and recommends tracking turnover and stockout rates, establishing receiving protocols, and investing in software such as Pipedrive, MRPeasy, and Shopify.