One of the biggest challenges faced by those who are opening a dollar store is associated with inventory management. While sales may only be in the hundreds or low thousands on most days, that still means that an equal number (100’s to 1,000’s) of items have been sold and need to be recognized as no longer being available for sale. Faster selling item inventories need to be managed to insure that adequate inventory is maintained to allow sales to continue. Slowest selling items need to be recognized to determine the right steps to take in increasing sales or liquidating those specific items from your future sales inventory.

For most who are opening a dollar store the costs associated with inventory management software cannot be handled. There simply is not money in the start up budget to purchase the software. For those entrepreneurs plans should developed to use early profits to make that purchase.

All entrepreneurs who are opening a dollar store must put some kind of inventory management tools in place before their store opens. For smaller store that can be as simple as manual inventory sheets with specific timing for physical inventory scheduled. Focus should be placed on higher selling departments as well as the fastest selling items in the store.

Failing to maintain a constant inventory of in-demand items will result in sales losses. Not having in-demand items readily available will also motivate shoppers to move on to other stores that routinely maintain adequate inventories of those items. Once a customer is lost the time and expense associated with regaining that customer can be significant.

Are you opening a dollar store? No matter how big or small your store will be never forget the importance of adequate inventory management. Inventory management can help to insure that your store sales continue to grow and that you are carrying the right products to meet your customer needs.

To Your Dollar Store Success!