Mr. Miyagi’s Top 10 Inventory Management Tips – Part 2
We’re back with the action-packed second half of the top 10 inventory management tips from The Karate Kid’s Mr. Miyagi. You can find the first half of the list here: “Mr. Miyagi’s Top 10 Inventory Management Tips – Part 1.” Without further ado, on with the show! Miyagi: Wax on... wax off. Wax on... wax off. 6. Translation: Doing the little things can pay off in ways you can’t see yet. The brilliance of The Karate Kid is that it shows that even if you don’t know why you’re doing something, you still reap a lot of benefits by just doing it. The brilliance of inventory software is that it shows you exactly what you’re doing and why you’re doing it. With inventory management software, you know how much inventory you have on hand, how much you need to order and how to best organize it in your warehouse. Miyagi: Up... down. All in the wrist. 7. Translation: Keep products from going bad by selling the oldest first. To prevent products from spoiling or becoming obsolete, you should cycle through your inventory from oldest to newest. Put the oldest on top of the list of products to sell and work your way to the bottom. Reorder more products when you reach low levels, and repeat the process. Both sides of fence. Daniel: Hey, where did these old cars come from? Miyagi: Detroit. 8. Translation: Know where your products and supplies come from. Okay, this one isn’t really advice; it’s more of an observation, but we can still learn from it. How much do you know about your suppliers? The more you know, the better. Know who and where your suppliers are, as well as how dependable they are. Do your homework and find multiple sources for your parts and products so that if something goes wrong you have a backup plan. Miyagi: Better learn balance. Balance is key. Balance good, karate good. Everything good. Balance bad, better pack up, go home. Understand? 9. Translation: Balance is a big goal of inventory management. Your goal should be to keep your inventory in equilibrium between the two extremes of too much and too little inventory. Too much leads to increased carrying costs, and too little leads to delays and unhappy customers. Inventory management software helps you find the balance. It applies to your whole business, helping everything run smoothly. Like after you finish sanding the floor. Miyagi: [Daniel has just gotten his driver’s license and Miyagi has given him a car for his birthday] Just remember, license never replace eye, ear and brain. 10. Translation: Inventory management software doesn’t replace the need for common sense and hard work. Inventory management software is a powerful business tool. But it doesn’t make it easy or simple to balance your inventory, any more than a driver’s license makes it easy to stay out of collisions on a freeway. What inventory management software does is make it easier to manage your inventory by giving you the tools you need – like how obtaining a driver’s license gives you the driving skills you need to stay safe on the road. I’ll bet you never realized Mr. Miyagi had so much to say on the subject of inventory management. Now that you know, you should apply this knowledge to your business. Get a free trial of Fishbowl Inventory to see how it can help you follow Mr. Miyagi’s advice, Daniel-san. The photo of Mr. Miyagi and Daniel LaRusso is the copyright of Columbia Pictures, and is used in accordance with fair-use copyright laws.