Emmert Wolf first said: “A man is only as good as his tools”. We all know what it means and even though it’s not particularly PC (politically correct) and it may even be deemed sexist by many among us, it adequately serves it’s purpose. If you’re in the business reliant on tools – make sure they’re the best you can afford.
Of course we could all start using this phrase instead: “a worker is only as good as their tools”.
Inventory or stock is essentially “tools” to many businesses; so talking of inventory, it’s essential for any new tradesperson to understand the potential for their inventory to affect their business, and why it’s essential to prepare for this macro or put another way: large-in-scale need in advance.
Consider These Helpful Tips For Handling Stock:
It can often pay to purchase items in bulk when dealing with a specific trade, especially if you have the storage capacity.
An action like this can help you reduce the cost of supplying materials each job you undertake, helping you undercut the competition and continually stay in business.
The effort of preparation will also help you provide your service in a timelier fashion, perhaps allowing work to be completed on a job in a number of days, instead of simply waiting on parts – especially those of a special calibre. This can really heighten the convenience of your service, something that your clients will always be thankful for.
When purchasing many specific items that could adapt to any situation, such as stainless steel pipe fittings, it can be critically useful to have a sorting mechanism available in your storage for easy access and transport. This means you’ll always be well equipped for a job no matter where you travel.
Supplier relationships are important to nurture. Entering a business to business (b2b) connection with a firm means you may help each other with a reduced cost of services to help balance out your needs and stay competitive in the field ahead.
Be sure to value your discounts appropriately, as sometimes the value of each deal may not work out completely in your favor.
Nurturing supplier relationships can help you with referrals to other ingredients you need, or may help you gain priority treatment when ordering critical items that may take some time to arrive.
With a hidden promotion now and then, you may find that building your inventory in time could help you further.
Materials aren’t always a one and done scenario. While items of a metallic nature may not degrade as easily, poor storage can lead to rust and potentially reduce the value of that item.
Other goods may degrade much faster than this, so investing well in competent storage environments (sometimes even rented or outsourced,) can help you prevent a loss of stock in this manner.
You should also insure your belongings as you would any other business asset, as even a humble collection of your stock may lead to huge financial losses if impeded in any way, and sometimes it only takes one theft or flash weather condition to lose out in this regard.
With these simple reminders, finding the benefit of your working materials is sure to be continual.