Tips to Cut Inventory Costs – Seattle Business Consultant Terry Corbell

Dec. 9, 2012 - PRLog -- Seattle business-performance consultant Terry Corbell provides eight tips to lower inventory costs that will improve your company’s financial position.

With more than 30 years experience, Mr. Corbell delivers proven solutions for maximum profits. Many of his business-coaching tips are published in nearly 600 articles at http://www.bizcoachinfo.com.  

“If profits are a problem, one of the first places to check is inventory management,” writes the longtime profit professional.

“Using better strategies for inventory management, you will lower your costs to increase cash flow,” adds Mr. Corbell. “Unsold products are a death knell for any business.”

Naturally, he says, expenditures in poor-selling inventory, means the original purchase price of products means your investment declines in value.

So the place to start is to better understand your turnover situation so you can make the right decisions to control costs.

His eight tips:

1.     Determine your turnover ratio by calculating your inventory turns.

2.     Calculate the number of average days to sell products.  

3.     Determine your inventory in comparison to current assets.

4.     It might be enlightening to compare your data with your sector’s norm.

5.     Take action, if your ratio is not favorable.

6.     For maximum efficiency, focus on “just-in-time” inventory.

7.     Continuously analyze what’s productive for you.

8.     Treat your suppliers like good customers.

For an explanation for each of Mr. Corbell’s eight tips, see: http://www.bizcoachinfo.com/archives/13123.

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