Inventory refers to the number of goods that are available for sale and the raw materials that are used to produce those goods. Marketing inventory is an essential element of any business as it represents the turnover or stock sales that are one of the main causes of income creation. To make marketing inventory, you need marketing inventory templates.
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7 Steps on How to Take Marketing Inventory
Step 1: Keep Things Organized
The first phase in remaining at the top of your inventory is to arrange your products with as much data and item information as possible. Solid data analysis results in successful inventory management. When you work with properly organized data from the beginning, you avoid errors down the line. The data included can be names, department, category, supplier and supplier ID, etc.
Step 2: Take Accurate Inventory
Make sure that you input the accurate data. Whatever new supplies you receive, it should have a proper input. Entering the incorrect item amount or mislabeling a brand can subsequently trigger a lot of problems that can all be prevented. Create a standardized process to input the data.
Step 3: Use a POS System
A POS or point of sale system is the best tool you can use to take inventory. This is because of the amount of information and the speed at which inventory is transferred in most retail and food service companies. Using any other tool such as an Excel sheet or Word doc or simply paper will make the task seem so burdensome that you won’t want to do it anymore.
Step 4: Decisions should be Data-Driven
The decisions that you make from using the POS system will all be data-driven. It is one of the advantages of using a POS system. These accounts will contain everything from product-by-product marketing quantity, profit margin assessment, inventory turnover frequency, and much more.
Step 5: Formal Process
Just using the POS system for taking your marketing inventory won’t do. You also need to have a formal process. You can either use FIFO (First In First Out) or LIFO (Last In First Out). With FIFO, you’ll sell the older stock first before new stock. With LIFO, you’ll sell the newer stock first.
Step 6: Keep Track of Raw Goods
A POS system keeps track of the shelved stocks and goods. Other services such as food services also need to be tracked. For instance, if it’s a coffee shop, keep track of the coffee beans, sugar and milk. These constitute the raw goods.
Step 7: Beware of Inventory Shrinkage
The biggest threat to your business is inventory shrinkage. It leads to inventory loss and an overall decrease in revenue. Causes can include theft, robbery, supplier error, etc. To prevent this you can hire more security personnel, install security cameras and conduct thorough inventory counts.
7+ Marketing Inventory Templates
1. Marketing Inventory Template
Keeping and tracking marketing inventory is a very difficult job if you use a plain pen and paper. The task will turn out to be so burdensome that you will skip it at the end of the day. Hence, you need to use our Marketing Inventory Template to lessen your burden. This free marketing template is available to be downloaded in PDF format.
2. Sample Marketing Inventory Example
Few items are more critical to your business than a solid and well-rounded inventory management process. However, if you’ve never had to handle inventory before, it’s hard to understand where to begin. And that’s where this Sample Marketing Inventory Example comes into play. You can use this PDF file to take your marketing inventory or use it as an inventory template.
3. Standard Marketing Inventory Template
There can be tons of shifting parts with marketing inventory. The fact that there is no one correct route to handle inventory makes it even more complex. What operates down the road for the company may not operate for you. But you can be sure that this Standard Marketing Inventory Template will work for you. Use this file to take content inventory easily.
4. Marketing Inventory Format
Marketing inventory keeping is a serious and laborious task. You need to have proper knowledge of all the intricacies and details while taking such inventory. And don’t worry, you won’t have to do it from scratch if you use this Marketing Inventory Format. With original suggestive content, it provides you with the appropriate format that you can use to track inventory.
5. Formal Marketing Inventory Example
Due to storage expenses, spoilage expenses, and the danger of disuse, possessing a large quantity of inventory for a long time is generally not advantageous for a company. That’s why you need to do inventory management and tracking. And our Formal Marketing Inventory template in PDF is the perfect tool to use for the task. So click on the ‘download’ button now to use it.
6. Professional Marketing Inventory Template
Are you a rookie at the taking marketing inventory? Do you need to know how to do a professional marketing inventory? Then you need to download this Professional Marketing Inventory Template now. It contains original suggestive headings and content for your benefit. Take or access inventory with the help of this file easily and quickly.
7. Marketing Inventory in PDF
If possessing too much inventory is harmful to your company, then having too little inventory also has disadvantages. For instance, the company runs the danger of the erosion of market share and missing profit from future revenues. And that’s why you need this Marketing Inventory in PDF to help you do proper inventory management. You can download this file and also use it to make a marketing policy
8. Printable Marketing Inventory Template
An excellent approach for inventory management helps to save time and cash. Inventory management can benefit from real-time and financial advantages. Create a product marketing inventory management plan with the help of this Printable Marketing Inventory Template. Just download the file in PDF and you’re good to go.
There, you have it, a set of templates and examples or samples for you to use to take inventory for marketing and make the overall process easier.