The fact that 20% of small businesses fail in their first year may sound scary, but it's easy to avoid becoming part of this statistic. Most businesses that struggle do so because they lack organization and the ability to manage their funds. Implementing a barcode inventory system solves both of these problems by organizing your stock and keeping track of purchases and sales.
But how does a business barcode system work? How can you create a barcode inventory system and implement it effectively? Read on to answer these questions and to learn how barcodes can help to ensure that your business prospers regardless of its size.
As you likely know, barcodes are small rectangular images made up of multiple parallel lines. They also may come in the form of square-shaped QR codes.
What you may not know is that the image is a visual representation of data. The data denotes what the product is, how much it costs, where it is stocked, where it comes from, and more.
This information can be transferred immediately to a computer system when the barcode image is scanned. This lets workers visualize the current price and appropriate location of the item for stocking purposes.
Scanning barcodes in a checkout line also allows the computerized inventory system to alter the number of items within it. The system will then show that something has been removed from the premises.
This is referred to as a barcode inventory system, and it's a far better alternative to manual inventory. As your small business grows, keeping track of all items by hand becomes an impossible task.
Barcodes make inventory tracking both simple and more accurate since they stop the human error that would come with counting and entering information. Fatigue, multitasking, stress, and bustling work environments naturally cause errors to take place.
Human beings will generally make a data entry error for every 250 keystrokes on a machine. On the flip side, computer error rates take place only every 36 trillion characters when scanning. Since accurate inventory is critical when calculating profits, losses, and what is available to sell, minimizing these errors is of the utmost importance.
All businesses will at some point field a call from a customer demanding to know the specifics of a given product. When there is no way for a representative to access that information, it can be frustrating for the consumer. They may choose to take their business to an organization with a more efficient inventory system, driving your small business out.
Barcode inventory systems allow employees to see all product information within seconds. They can simply pull a product off the shelf, scan it, and view a detailed set of notes about it. If you're particularly organized, you might even simply be able to print out a barcode for each product and put them in a binder under the customer service desk.
Barcodes don't just help customers get quick data- they also make sure that the given information is accurate. You'll know exactly how many of the product that they want is in stock. This will let you know whether they can come in and purchase what they're inquiring about or if you can send it to their home.
Another great thing about keeping accurate inventory is that you can see where a given item is in stock if not at your facility. This will let you know if another store within your chain has it so that you can direct customers there.
If you are not a chain store, the system will show you if it is in stock at your warehouse. You can then choose to order more of the item to your store. You can also tell interested customers that they can order it online if it is in stock at the warehouse.
Barcode inventory systems allow you to track data about what people purchase. You can see and examine buyer trends so that you understand what your target consumers most want.
When you have enough information to track, sort, and graph this data, you can figure out how to better help your business succeed.
Purchase stock similar to the things that your target audience is most interested in. Have your most popular items in stores at all times. Make sure that you understand seasonal inventory trends so that you can have enough items for all consumers regardless of the time of year.
Barcode systems are easy to implement in addition to being user-friendly. First, you can choose a pricing plan with Britecheck denoting whether you're an SMB, a company, or a corporation. We work with businesses of all sizes and are happy to give you the appropriate tools to meet your needs.
You can immediately install and use our inventory app on your mobile device for easy use. This means that you don't need to invest in specialized barcode scanners. Instead, employees can scan inventory directly into the system directly from their personal smartphones.
While keeping track of everything in your store may sound like a challenge, it's fairly straightforward when you have a barcode inventory system. Now that you know why this is the case, it's time to get started.
We're committed to helping your small business succeed in getting your stock organized and taking care of inventory logistics. Contact Britecheck with any remaining questions that you have about inventory and to begin implementing a business barcode system ASAP.