Would you like to know how to improve your decision-making and achieve business growth? We are convinced that SMEs are in need of tools to generate business growth. Today, I am introducing five useful tools for your businesses.
It is not an easy task at all creating a specific, easily understandable code for a specific SKU product. If you are one who is being faced with the problem, let me introduce you to a tool called SKU generator.
The SKU’s importance lies in the entry of product codes into the software for easy product search and reference based on bills or other documents.
By just entering the product’s name and particulars such as color, size and model or batch, the program will create a SKU code that is easily understandable and ready for use be it in the area of inventory management or invoicing customers.
The problem about stock replenishment lies in the fact that we need to strike a balance between over- and understocking inventory. Hence, a tool called reorder point calculator will help you calculate and more easily decide when is the right time to reorder your stock.
What you need to know before using the tool
You will to know the average daily sales, average lead time for sales, maximum daily sales and maximum number of lead times for sales.
3. Invoice Template
Do you know that only 63 percent of bills are paid on time?
One of the main reasons for late bill payments – excluding delayed billing – is ambiguous payment terms and conditions. Remember that a bill must state clearly not only the name of the product but also its particulars so that the customer knows what he/she is paying for. Besides, if your bill bears the company’s logo, it makes your company look more professional, more reliable and increases the chance of customer bill payment by 300 percent.
Effective inventory management is very crucial for businesses as it ensures long-term smooth operations, helps avoid overstocking and enables you to check and find out which products are best-selling items and otherwise for the purpose of plan modification. We have compiled for you templates that you can download free of charge, are user-friendly, can be customized and are compatible with various excel versions.
While the above-mentioned tools can facilitate your work and make management more easy and effective, the more important thing is to get started, learn by trial and error and focus on the PDCA (plan-do-check-act) method to ensure regular development. I promise to update you about other neat tools that I might come across later.
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