#37 Inventory Management Strategies to Increase Cash Flow for Independent Jewelry Biz Owners
Welcome to Episode 37! I am so thrilled I got the chance to sit down with today’s special guest, Inta Ievins.
She knows a thing or two about inventory…
I made a HUGE mistake in my first business: I didn’t pay close enough attention to my inventory!
And my cash flow problems were a reflection of that…
Today, I’m talking with Inta about freeing up inventory, increasing cash flow and reinvesting in the aspects of your business that need it the most.
Inventory Organization for Independent Jewelry Designers
From your workspace to your back stock area, The organization of your inventory from raw materials to backstock of actual pieces is super important.
Having managed inventory at Dogeared Jewelry (where the sheer amount of SKU’s alone could make your head spin), Inta always recommends “having a maximum of three areas where you can find something; preferably two just to save energy.”
Keeping your entire stock (for the most part) in one place makes calculating inventory a million times easier. Inta suggests grabbing bulk thick plastic bags to keep stock organized inside larger bins.
Tracking Raw Materials
For the most part, emerging jewelry designers are pretty good about keeping track of pieces and designs when fully produced.
Unfortunately, when it comes to materials, inventory is ‘eyeballed’ all too often.
(As you’ll hear in today’s episode, I was once guilty of this inventory mistake!)
Use Excel or an inventory software program to keep count of every single finding, casting or component.
Create Strategic Systems to Make Better Decisions
So why is all of this important anyway?
The more familiar you are with your inventory numbers, the more informed your sales and marketing decisions will be.
Don’t get overwhelmed by the ratios and percentages! Inta recommends taking a look at your sales history, noticing what’s trending, and using that data to inform the focus of your marketing efforts.
She gives so much more brilliant advice from tracking your history to projecting future sales (and she makes it easy to understand).
We understand that this can be a LOT of information to take in.
If you find yourself feeling overwhelmed by your business, we’re working hard to change that!
To learn more about how to manage your DREAM Jewelry Biz, my team at Flourish & Thrive Academy is hosting a FREE training series, From Overwhelm to Freedom.
This training series was designed for those of you looking to step into the role as Chief Visionary Officer of your business, and as always, working smarter, not harder.
This is a really fascinating concept and I think you’re really going to love it, so we’re offering it for free over at FlourishThriveAcademy.com/FreedomNow
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Chief Visionary Officer
Flourish & Thrive Academy