Poor inventory management is one of the primary reasons small businesses fail. According to the State of Small Business Report, 46% of SMB’s with 11-500 employees don’t currently track inventory or use a manual inventory process such as tracking in Excel. This may be hard to believe, but ensuring inventory levels are accurate and adjusted based on demand is a crucial process in running an effective business. Any errors made along the way could be detrimental and have business owners finding they “are burning money,” as stated by Marcus Lemonis on his CNBC show The Profit.
Curated from Proper Inventory Management Drives Economic Growth