4 – Inventory
Understanding your inventory is a critical factor in reopening and ensuring you can meet the demands of your customers. Begin by reviewing the questions below and then the topic-specific resources.
- Have you analyzed the potential demand for your products and/or services for the next 6 to 12 months?
- For inventory identified as slow-moving, have you considered removing it from your product lineup?
- Have you made an assessment of whether new market conditions will impact customer buying patterns?
- Have you asked your customers how they prefer to buy your product/service in this new environment?
Below is a list of resources on the inventory topic:
- Square – Inventory Management 101: How to Manage Small Business Inventory
- Shopify: You’re Losing Money By Not Using These 8 Inventory Management Techniques
- Global Trade Magazine – Importance of Supply Chain Resilience: An overview of why supply chain resilience is important when the free flow of commerce is interrupted.5