Is Inventory necessary in business?

[Starmix]

Regardless of the size of your business, inventory is very important. It can help the owner keep track of all his supplies and determine the exact prices. It can also help the business owner manage sudden changes in demand without sacrificing customer product experience or product quality. My cousin sells trays of eggs and always has a weekly inventory to know how much she profits and the changes she would make.

 

[Magnus2022]

Business without accountability and sense of creativity is bound to be bankruptcy. A business owner must always take a proper evaluation of the business often to know if the business is growing or dwindling

 

[Starmix]

Business without accountability and sense of creativity is bound to be bankruptcy. A business owner must always take a proper evaluation of the business often to know if the business is growing or dwindling

That's correct the owner must take full responsibility of her or his business progress through inventory to get updates profiting or losing.

 

[Hate2Wait]

We need to keep inventory so our customers won't suffer because of delay in the arrival of the things we are selling

 

[Starmix]

@Ginger it's indeed very important to avoid disparity and regrets.

 

[Hate2Wait]

Its best to have the minimum stock set up so when our inventory is touching that level we need to place another order

 

[Starmix]

That's what my cousin is doing. She's selling volume of egg trays.

 

[Hate2Wait]

That's a very nice business and there are days when I also plan to start this business but then I decide against it lol

 

[Starmix]

That's a very nice business and there are days when I also plan to start this business but then I decide against it lol

Go for it my cousin is able to buy 2 service vans thru her business. She profits 100, 000 pesos weekly.

 

[puroypoi]

Yes inventory is necessary, so you would know which items are fast moving and which are not.

 

[Hate2Wait]

Go for it my cousin is able to buy 2 service vans thru her business. She profits 100, 000 pesos weekly.

Yes if you are committed then you can even make profits by selling beach sand lol

 

[Starmix]

@puroypoi ,you're so right one will know the flow of his or her business failing or not.

 

[Hate2Wait]

All this helps in making us aware of which things we need to stock and which to not so we will be in a better situation to plan the Inventory

 

[Starmix]

Yes true that's why it's better be prepared than sorry.

 

[Sanjeev]

Yes, inventory is important to keep but how much inventory one requires to keep is also important. Excess inventory is a loss for the company as they block certain amount of money on it.

 

[Shavkat]

In every company, it needs to conduct inventory. The reason is that to know if they still need to re-stock their items or not.

 

[Sanjeev]

Yes, they should keep the minimum inventory of finished as well as raw materials to run the operations nicely. There are lots of theories which are used to calculate how much one needs to keep in a manufacturing unit.

 

[Hate2Wait]

If we don't have the minimum stock maintained then we may face the consequences and we we may not be able to attend to our customer demands

 

[Bisolami]

If we don't have the minimum stock maintained then we may face the consequences and we we may not be able to attend to our customer demands

That is true because we always have to think about our customers in every step we want to take in the business so that it won't affect us

 

[Starmix]

To do an inventory means to find out how much you are gaining in a week or in a month. You can also come up with a remedy for the profit that is going down.