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Your inventory is one of the most significant assets in your business. But inventory can quickly turn into a liability when it is slow-moving. Slow-moving inventory ties up your business capital and engages resources that can instead be used for the growth of the business. Therefore, it is essential to devise ways to mobilize the slow movers! Let’s take a closer look at slow-moving inventory and how you can manage it.
Different companies have different techniques for calculating the slow-moving inventory. But, three frequently used methods are quite accurate –
Once you have identified you have sallow moving inventory, what will you do with it? After all, letting it take up space and capital is never a viable solution. Usually, people directly try to cut prices and sell these items off. But before you resort to such extreme measures, try the following first.
Once you have identified where you have slow-moving inventory, what will you do with it? After all, letting it take up space and capital is never a viable solution.
If none of the above seems to work, it might be time to take steeper steps. You still do not have to give those items away if you devise a few smart ways of selling them.
Your last resort is liquidators, where you are sure to make some losses. Liquidators will help you clear your inventory but at a price. If all of the above techniques haven’t worked, you can be pretty sure that the inventory isn’t going to sell. It might be time to consider liquidators in such cases.
While all businesses face such problems, it is essential to learn from each episode and take a preventive measure. Avoid stocking inventory that isn’t as promising in the future. Why not try dropshipping? Read about it more here.
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