Inventory is often referred to as the lifeblood of a business, because without attention to this detail, a company’s cashflow could be limited. For example, when a business’ inventory is overstocked with items, this can take away capital needed for other necessary purchases. Similarly, if it is too low to meet customer demand, these shoppers may be willing to turn to a competitor to get their desired items more quickly.
As a result, many business owners hire inventory mangers with years of experience in the industry. But, according to Entrepreneur Magazine, even this plan has its drawbacks. For instance, the magazine recently profiled the troubles of Marc Isaacson, CEO of the online pharmacy, Village Green Apothecary.
The news source discussed how Isaacson attempted to hire internally after his previous inventory manger left abruptly. However, the results were less than satisfactory, as the business owner admits he lost between 2 and 3 percent of his total sales during the transition period.
But, while inventory problems can be caused by poor contingency planning, they could also be the result of a lack of communication. For example, by relying on outdated business phones to carry the company’s internal and external communications, company owners could put some of their sales and contracts at risk. This is because their competitors may be using VoIP business phones that offer advanced cloud computing solutions that allow them to respond more quickly to their customers’ concerns.
VoIP phones give customer service representatives and call centers the ability to better manage their correspondences so that essential order details aren’t lost along the way. Owners who haven’t thought about implementing this kind of solution may want to speak to a trusted provider, as recent research shows many small business are adopting the technology to cut costs and improve customer service.