Businesses that deal with inventory frequently run into issues that they must to solve in order to maximize profits. That includes finding the right management technology, dealing with seasonal items, and more. But one thing that many retail and wholesale businesses have to deal with is insufficient storage space.
Space restrictions really work against business owners, frequently giving them more work to do in inventory management and stock replenishment. This is especially true when dealing with companies that have unique storage requirements like frozen goods or more seasonal volume of goods like bicycles and such.
In order to maximize space, there are a few tips and tricks that will help ensure that every inch is being used to the fullest capacity.
- Think Vertical: Invest in shelving that will allow to expand upwards in your storage or warehousing space. This could allow you to store twice or even three times as much inventory
- Every Inch Counts: Using the entire shelf and customizing heights ensure that there are no half-empty shelves
- Forecasting: When possible, keep the fastest moving products in spaces that are the most accessible and keep out-of-season out-of-mind. If you are dealing with items that are not going to be needed often or at least for a time, feel free to put those in the harder-to-reach spots.
- Trim the Fat: If you are facing spatial issues, it may be time to cut back on the excess inventory that is taking up precious space. You need it for the inventory that does move since that is ultimately what is bringing in the money.
Finally, it is important to note that the solution to the space scarcity issues is often to integrate warehouse capacity into the process of managing inventory. This can be done using inventory management software. You just need to be sure to input the information regarding warehouse capacity (by area when dealing with unique needs), product volume and pallet size information Having all of this will allow most systems to calculate future stock capacity forecasts. Then, you can evaluate inventory and sales to determine what the best way to use limited storage space may be.