Is Inventory necessary in business?

[Niyi Briggs]

I was taught in basic accounting that inventory is stock taking and it is important to businesses to know the net worth of the business.

 

[Starmix]

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

That is true, doing an inventory is a very powerful measure of detecting the limits of your business. You will also know how much you earn and your profit weekly or monthly.

 

[Hate2Wait]

Inventory should be planned in the best possible ways because less inventory and more inventory are both difficult situations for the business and you need to plan it perfectly to get the max output

 

[cherry123]

inventory comes into a business for accountability. in business inventory must be given a priority in order to know the current state of the business productivity and efficiency which are vital

 

[Starmix]

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

That is right so that we can invent something to remedy what the business lacks or needs to avoid losses or failure. No inventory means no sense of commitment to the business.

 

[uptrendfinancialsignal]

Inventory is very critical in business and it's very important to take into account.

 

[Starmix]

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

No inventory your business would seem like floating on the air. There's nothing to do something for the growth of the business or company. Inventory is6a must to have a massive sales of your production.

Post automatically merged: Apr 20, 2023

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

I received 120 ,000 pesos commission from selling a beach property of my aunt. I was so excited. I felt I was over the moon receiving that big money equivalent to $2, 400 dollars whew and I was alone closing that business to an American Mr. Fitzgerald. I can't forget him and his Filipina wife.