What’s that you say? What have I been smoking? No, really, I’m not kidding you here. Service businesses really do have inventory they are trying to sell. Now before you think I’ve really gone off my rocker, let me explain… A service has two main things to sell: Time Knowhow And hey goofball, anytime you provide a service, you are selling both of these finite items. Let’s define what these mean… Time: You do know that there are only so many hours in the day, right? You can’t add any more (unless you have some magical power). The only thing you can do to expand…

Well, is it? If you are struggling a little with that let’s talk about how to turn that around. Online businesses have two main challenges: Inventory Management Promotion/advertising Management Really both of these areas stem from the same core problem. What’s that you say? Allright, I’ll just say it again. In order to have a successful online business, you only need to solve one problem. What is that one problem? Cash Management! So what are you thinking at this point? You probably want to ask, “Ok smarty pants, why do you think that’s the problem?” Fine, I’ll tell you… Inventory Management What is the definition of inventory? Most…

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort itself out. Here are some tips for how to manage inventory for your small business. Look back to look ahead Forecasting is a vital activity when running a business, especially if you’re…