As a salon or spa owner, your inventory is one of the biggest assets to your business. However, too much or too little of a particular product can result in issues such as lost profits, loss of opportunity to sell more product, and a waste of capital. While managing your inventory is sometimes overlooked, you can maximize profits by properly maintaining accurate model quantities of your inventory.
Who Manages Your Inventory?
Managing the inventory at your business is an important job. Don’t take it lightly! Whether maintained by a manager or the front desk, your stock levels must be carefully tracked and optimized. The inventory manager must understand that what you have in stock for retail items and back bar products must meet the needs of your customers and service providers without going out of stock or using too much of your budget.
Finding the Right Number
Deciding upon the best purchase quantity may be intimidating, and you may be asking yourself, “Are we ordering too many? Too few? How often are we selling this product?” However, ordering the appropriate product quantities should never be a guessing game. If correctly logging your inventory, your salon or spa software should track your inventory trends to make informed decisions on how much to purchase each time you order.
Managing Inventory in Millennium
Your salon or spa’s business management system should be able to organize, maintain, and analyze your inventory. Wouldn’t it be great if your business management system automated your ordering process by recommending which products to order based on best sellers or low inventory indicators?
Millennium is one of the few software platforms on the market that has smart inventory wizards. Additionally, the smart Inventory Wizard creates purchase orders to send to suppliers by email with a click of a button. No more calling your suppliers to make an order!
Salon and Spa Inventory Management
By performing regular inventory counts monthly and yearly, you can protect your investment and identify theft while ensuring that you have enough inventory on hand to meet the demands of your business. Download our free guide, for even more tips on how to best manage your salon or spa inventory.