Top 5 inventory stressors that shouldn’t be there in 2024

Top 5 inventory stressors that shouldn’t be there in 2024

January 10, 2024

As the new year 2024 kicks in, it wouldn’t be a bad idea to take inventory of your business stressors of the past 2023. What are the inefficiencies that gave you too much grief last year? And what is there to be done about them now? Let’s explore the 5 most pressing factors that put added pressure on the owners of small inventory-oriented businesses.

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1. Not knowing the actual inventory levels

It comes as no surprise that 2024 finds a lot of small businesses grappling with the challenge of their inventory traceability. Some think they aren’t there yet scale-wise to transition from manual to automated inventory control. Meanwhile, having access to clean data is a make-or-break factor for all businesses no matter the size. 

2. Tedious data entry

With fewer personnel, small businesses may rely heavily on manual inventory tracking. This opens the door to human errors, such as data entry mistakes or miscounts, which can lead to inaccurate stock levels and operational inefficiencies. Thousands of SKUs in spreadsheets could be a nightmare even for Excel addicts.

3. Too few or unreliable verification layers

Has your business been too vulnerable to occasional errors during stock intake, cycle counts, or order fulfillment? There’s no such thing as ‘an honest mistake’ when you’re fighting for clients against the bigger and often more technologically advanced competition. 

4. Siloing 

The inability to connect all the shareholders and parties by giving them (or, if necessary, limiting) access to inventory, purchasing, and sale data inevitably causes headaches for everyone involved. Connection, not perfection is what makes things work.

5. Scalability concerns

Having no real-time inventory tracking, spending hours on data entry, reconciling mistakes, or having trouble sharing data across teams makes it hardly possible to grow. Only by eliminating these stressors, you can finally start dreaming big.

There’s no more sure-fire strategy than getting automated inventory control software. HandiFox can give you peace of mind by taking the unknowns out of your business and nailing the tasks that used to give you gray hair. Get free full-featured access to the software for 14 days.

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