Even the most efficient of flooring companies can stumble when it comes to managing excess inventory. Common practices such as discounting or liquidating items devalue products and undermine sales. Ecommerce can magnify that problem, making it easier for shoppers to find floor products for cut-rate prices, but it doesn’t have to be that way. Here’s how to avoid the biggest inventory management mistakes and come out on top.
1. Make a Plan
It sounds simple, but one of the biggest mistakes companies make is to put off decisions about what to do with their slow-moving inventory. But the inevitable accumulation of flooring inventory could lead to a company paying increased taxes at the year’s end.