Ideally, every business would only ever have as much inventory as it can reasonably move onto clients or customers in any given time. But for many businesses, striking this balance can be incredibly challenging. Unfortunately, when this balance isn’t struck correctly, it can either result in lost money from not being able to fulfill orders or lost money due to having spent on products that you can’t actually move.
If you’ve fallen victim to the latter circumstance , there are some things that you can do to rectify the situation. To help you see how this can be done, here are three things to do when your business has an abundance of inventory.
Figure Out How This Happened In The First Place
As soon as you realize that there is a problem with the amount of inventory that you have and that some of it is likely to sit on the shelves in your storage facility for a longer period of time than you’d like, the first step to take here is to figure out how this happened to begin with.
For some businesses, they try to consistently order too much if they don’t have reliable suppliers. If this is the case for you, consider finding new businesses to work with. Other times, there might be issues with logistics. In this instance, you may need to look into logistics assistance to help you get things back on track. Whatever the issue proves to be, if it’s something you can identify, it’s something you can guard against in the future.
Send It To Social Media Influencers
Now that you have an abundance of inventory in stock, you’re going to need to do something in order to get rid of it and hopefully make some money off of it in the process.
One way you can do this is to reach out to influencers in your industry and see if they would be willing to try your product and then post about it to their social media channels. This can be a great way to get your inventory off of your shelves and gain a little bit of influencer marketing momentum at the same time.
Liquidate It In Bulk
Something else you can try if you don’t want to just give your product away in the hopes of selling more of it in the future from your dealings with influencers is to seek to liquidate the product in bulk.
While you likely can’t do this easily directly to consumers, if you can adjust your target market from consumers to other businesses, you might be able to sell what you have in bulk and make a bit of money off of it rather than just letting it sit.
If you’re having issues with an abundance of inventory that you don’t have orders for or can’t sell on your own, consider using the tips mentioned above to help you figure out how to handle this.