Best Inventory Software For Small Businesses
Excel and google sheets are just not gonna cut it, makers! I know, it is a hard one to swallow…but scaling your business and forecasting demands is what it takes to grow a successful business.
With that said, it is a good place to start if you are low on funds and don’t mind the time it consumes. But if you're ready to invest in a more sophisticated tool for managing your inventory that will make your life infinitely easier, we're here to help!
what is inventory management software?
These are tools that help you track product inventory, streamline processes, automate inventory, and help leverage your data to build success.
Tracking inventory is a key component in running a business. Fortunately, there are endless tools and management systems available, but that also causes confusion and feelings of overwhelm trying to choose the right one for your business.
It helps to find a system that is specifically related to your type of business. Each business is unique and there is not a one-size-fits-all approach.
For this reason, this blog is going to focus on the needs of makers, who have small e-commerce businesses.
If you are just getting started, a great blog to read first is 5 quick tips for a kickass business structure.
choosing the right system
As a small business owner, choosing the right system for managing your inventory is extremely important, as it can be a costly mistake if not done correctly.
Inventory management is complex and full of challenges, and using manual tracking is a surefire way to have mistakes and will not allow you to scale properly.
If you want your business to grow and succeed, realizing you’ll have to invest in good inventory management early in your business is the best way to minimize future problems.
With the ridiculous amount of inventory options out there, how do you choose the best one for your business?
That is a great question, maker! It depends on your current annual revenue and your future short and long term goals for your business. Here are a few of our favorites.
zoho
If your number one goal is to have a budget-friendly option, you might want to start with Zoho Inventory. Zoho is top rated and comes highly recommended for free inventory management.
This is a good place to start and see what capabilities you really need and how user friendly of a system you want. There are online tutorials and you tube videos that can help with getting started.
If you are online using Etsy to sell your products, Zoho offers inventory management systems specifically for Etsy like this one.
cloud vs. ERP
As your business grows, you will need to learn about more advanced options for inventory control. For example, there are two main types: Cloud-based software and ERP systems.
For growing businesses, Cloud inventory management provides the level of sophistication needed to maintain an effective supply chain while scaling up.
Small businesses may not be able to justify the higher cost of an ERP inventory management system compared to a standard Cloud inventory management system, especially if the additional functionality and capabilities aren’t needed.
quickbooks e-commerce
One popular option is Quickbooks e-commerce which enables businesses with tools to manage their business online, from anywhere, at any time.
They have a variety of plans that come with different features so you can select a lower price plan if you don't require all of the features they offer.
Quickbooks integrates easily with BigCommerce, Shopify, and other webstores making it easy to integrate it with your sales platform.
what to consider when choosing a system
- It should be able to easily handle online transactions
- It should have a mobile app so you can check your business on the go
- It should have built in payment methods that integrates well
- Automates tedious and repetitive tasks
Relying on spreadsheets is risky, but usually a starting point for new entrepreneurs. Keeping track of inventory is a critical business function that should be taken very seriously.
The most important aspect is that you should find a system that meets your needs and you can manage easily. You don’t want to lose money because you could not keep up with demand, or you overestimated and have too much inventory.
A good inventory management system will be your friend and solve challenging problems in your business.
We hope this has given you some helpful advice in making your selection. Remember, you've got this, maker!
