Reopen - 4 – Inventory
Understanding your inventory is a critical factor in reopening and ensuring you can meet the demands of your customers. Begin by reviewing the questions below and then the topic-specific resources.
- Have you analyzed the potential demand for your products and/or services for the next 6 to 12 months?
- For inventory identified as slow-moving, have you considered removing it from your product lineup?
- Have you made an assessment of whether new market conditions will impact customer buying patterns?
- Have you asked your customers how they prefer to buy your product/service in this new environment?
Resources
Article – Coronavirus Is a Wake-Up Call for Supply Chain ManagementHarvard Business Review – Mar. 27, 2020
Article – You're Losing Money By Not Using These 8 Inventory Management Techniques Shopify – Dec. 30, 2018