If it ain’t broke, don’t fix it. This advice makes sense when talking about old appliances, but it doesn’t when it comes to doing business. If you wait until a business process completely fails, you’ll be left far behind by the competition. The world moves too quickly to do that.
For example, an inefficient inventory management system is an expensive and potentially crippling problem that shouldn’t be allowed to continue for long. It drains money and other resources that could be put to better use elsewhere. But if you replace that inefficient one with a powerful inventory management system, you can save a lot of money by balancing your inventory levels, tracking orders, getting products to your customers faster, and much more.
Despite all the benefits of fixing a broken inventory management system, there are still plenty of excuses not to do it. Luckily, I have answers to the most common excuses I’ve heard. Here they are:
“I’ll Just Wait Until My Current Contract Expires.” It’s tough to admit you’ve made a mistake when your inventory management system isn’t working out. But that’s no excuse to continue using that system if it’s not working for you. Do a cost-benefit analysis of how much money you’re losing each month because of your inefficient system and how much you’ll save by switching to a better one. If you find that you’ll save more money by switching, do it. Don’t wait another minute.
“It’s Too Expensive Right Now.” A cost-benefit analysis helps here, too. What harm is being done to your business by using Excel or some other inferior inventory management system? How much time is being wasted and irreplaceable data lost? Fishbowl Inventory is customizable, so you can have basic features at first and then add more advanced ones over time. You’ll save time and money in the long run by not having to switch systems every few years.
“I Don’t Need One Yet.” Decide what the threshold is for needing inventory management software. Is it a matter of hitting a certain number of sales, moving into more locations, storing a growing number of products, etc.? It’s important to figure out exactly what it is that will convince you that you need a better inventory management system. Otherwise, you may keep putting it off long after the point when you would benefit greatly from switching.
“There’s Always Next Month/Year/Fiscal Year, etc.” Putting off big decisions because you’re trying to time it just right is usually not a good idea. It could become a habit and you might find yourself becoming indecisive. Take your time to study all the facts, and then once you make a decision move forward with it as quickly as possible.
Instead of waiting for things to break, businesses need to be constantly looking to improve what they’re doing. That’s how you can thrive in virtually any market and avoid going broke.