Reopen - 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?

Resources

Article – Coronavirus Is a Wake-Up Call for Supply Chain Management
Harvard Business Review – Mar. 27, 2020

Article – You're Losing Money By Not Using These 8 Inventory Management Techniques Shopify – Dec. 30, 2018

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Get Started with a Business Advisor

To help sort out your responses, reach out to the New York SBDC nearest you in order to schedule a confidential, one-on-one session with an advisor.