Business management requires individuals to make decisions regarding several types of situations in companies. One important area of business management is inventory, which is different than the techniques used for normal store management.
Inventory management requires managers to forecast and plan the inventory needed to generate sales. Store management includes setting employee schedules, handling customer issues, and maintaining a clean, safe, shopping environment.
Finding reliable vendors with low-cost/high-quality products, in sufficient quantities, is an essential feature for inventory management. Store management is responsible for preparing and maintaining floor space for displaying and selling inventory.
Depending on business size, management duties may be separated for store and inventory responsibilities. This allows managers to focus on specific task for each position, ensuring business operations run smoothly.
The Small Business Administration (SBA) has several available resources for business managers. These resources include detailed information regarding inventory and general management techniques for managers.
Because inventory is usually the second largest expense for businesses besides payroll, inventory management ensures that inventory turnover remains high with regular sales. Proper store management keeps other expenses low, allowing business operations to remain profitable.
- Better Management Resources
- Masao Nakamura, Sadao Sakakibara and Roger Schroeder. "Adoption of Just-in-Time Manufacturing Methods at U.S.- and Japanese-Owned Plants: Some Empirical Evidence," pages 230-231. IEEE Transactions on Engineering Management, 1988.
- Electronic Code of Federal Regulations. "Regulation S-X, 17 CFR Part 210: Sec. 210.5-02 Balance sheets." Accessed Aug. 1, 2020.