Inventory management for Small Business


EOI: 10.11242/viva-tech.01.05.001

Download Full Text here



Citation

Prajwal Jaya Naik, Niyati Raut,"Inventory management for Small Business", VIVA-IJRI Volume 1, Issue 5, Article 78, pp. 1-6, 2022. Published by Computer Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

Small businesses, start- ups and entrepreneurs are form of the foremost important influencers of economic growth because, in any economy, they represent 90 per cent of all employers and produce 60 to 80 per cent of all new jobs, yearly. In 2018, there are 30.2 million small businesses within the US, which represented 99.9 per cent of all businesses within the country, employing about 58.9 million people. As per The U.S. Bureau of the Census, small businesses opened and SMBs closed their doors just last time. According the Small Business Administration’s Office of Advocacy, three out of 10 new enterprises fail to survive for relatively twice and about five out of 10 closes up shop within five years. The survival rate is indeed lower for sole possessors. And as per “WASP BARCODE TECHNOLOGIES”, Inventory management is one in all the explanations for his or her failure. Accurate inventory operation is one altogether the foremost basic keystones of monetary success, and it are often complicated. Strategic force operation result means balancing presto- moving goods and inventories with minimum storehouse requirements. The faster the move goods in and out, the more practical and profitable for one’s business are going to be. Whether an oversized association taking care of stock in multiple countries or managing small business inventory, the principle of managing inventory remains the identical.

Keywords

Entrepreneur, Inventory management, Small businesses, Start- ups.

References

  1. “Hybrid Ecopower Hybrid Ventilator ”https://skylinegroup.co.in/ecopower.html Last Accessed on 5th March, 2020.
  2. "https://www.netsuite.com/portal/resource/articles/inventory-management/inventory-management.shtml.
  3. "Max Muller, Essential od inventory management (ISBN 10: 0814416551 ISBN 13: 9780814416556 Publisher: AMACOM, 2011).
  4. "https://www.investopedia.com/terms/i/inventory-management.asp.
  5. "https://dotcomdist.com/the-benefits-and-importance-of-managing-inventory/
  6. "https://www.netsuite.com/portal/resource/articles/inventory-management/inventory-management-challenges.shtml
  7. "https://www.fool.com/the-blueprint/inventory-management/