Friends Don’t Let Friends Get Stuck With Excess Inventory

Following my 3 part blog series covering 10 steps to right-size your inventory, part 1 of which can be found here, the next question you should be asking yourself is, “what do you do with all of this inventory?” In this blog series, we have discussed 7 of the 10 ways to get rid of the dead or excess inventory which has been identified by your analysis.

In this final segment of my three part series, (part 1 and part 2 can be found here) I will discuss the last 3 options you have to reduce your inventory.

Consider kitting: Consider packaging the product that is not moving with some other popular item and moving it that way.… READ MORE

4 Ideas On Getting Rid Of Dead Or Excess Inventory

Following my 3 part blog series covering the 10 steps to right-sizing your inventory, part 1 of which can be found here, let’s tackle the next question which is, “what do I do with all of this inventory?”

In the first piece of this 3 part blog series (here) I covered 3 ways to get rid of your dead or excess inventory. In this second part I would like to discuss 4 more suggestions to help reduce that inventory.

Consider moving to a different locationthKFECNJC7

The same item might be popular in one location and unpopular in another. If you are dealing with this situation, you might consider moving the product to the location where it is still selling.… READ MORE

10 Ways to Get Rid of Your Dead or Excess Inventory

Following my 3 part blog series covering the 10 steps to right-sizing your inventory (you can read part one here), it only felt natural to continue to explore the next part of the process. Once you’ve identified the non-performing portions of your inventory, the next question is, “what do I do with all of this inventory?”

It is always easier to find the problem than to solve the problem and maintain your inventory so the problem does not come up again. Dead inventory is always a struggle, in the back of many wholesale distributors’ minds, because it is a common belief that the inventory will be needed “someday.” The problem is, you don’t want to become a hoarder, keeping inventory that hasn’t moved in 6, 12, even 24 months.… READ MORE

Teddy Roosevelt’s advice to right-size inventory

In my previous two blog posts, I shared seven steps that a business can do to right-size inventory. You can read the first post here and the second post here. These ideas are mostly from my colleague Jane Lee’s write-up. In this final post, I will conclude this series with the last three steps. As Teddy Roosevelt said, “In any situation, the best thing you can do is the right thing; the next best thing you can do is the wrong thing; the worst thing you can do is nothing.” Following a full analysis of your inventory, it’s time to take action and use these 10 steps to right-size inventory.… READ MORE

Four More Steps to Right-Sizing Inventory today

Last blog post, I shared three steps for a business who is right-sizing inventory. You can read that post here. As I mentioned in that blog, these ideas are mostly from my colleague Jane Lee’s write-up. In this post, we will continue the conversation and talk about the next four steps for right-sizing your inventory. 

right-sizing inventory planning

Step 4: Identify and make plans for nearly worthless inventory.

In addition to the obviously worthless inventory in Step 2 in the previous post, there is usually a large amount of material for which there may be some demand, but not nearly enough to draw the inventory down in a timely manner.… READ MORE

Three steps to right sizing your Inventory

In this three part blog-post, I want to give some helpful hints to inventory planners in terms of right sizing inventory.  Please note that I used the phrase right-size, not reduce. This is because unless you are running a 100% make-to-order business, you will need inventory to meet the customer’s expectations. That is how the business makes money; by meeting customer’s needs in a timely fashion. Inventory allows us to do that. Inventory can be explained as a by-product of the imbalance between supply and demand. Too much supply not accompanied with appropriate demand will leave you with excess inventory, forcing you to find ways to get rid of it, often at discounted prices and even at a loss.… READ MORE