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It’s the New Year. Time to Take Stock.

I am one of those people who loves to reflect on the old year and project for the new.  But it’s mid-January and although we’re pretty much finished talking about resolutions, it still is a good time to take stock.

Yes, it’s a good time to look at your business and your goals.  And it’s also a good time to literally take stock. You likely have a list of inventory on hand, but have you been paying attention to what’s selling?  Which SKUs are making money?  When was the last time you looked at the fast moving inventory report?

Now is the time to get rid of your dead weight and replace it with new, better or different inventory.  If it didn’t sell over the holidays, it’s unlikely to become suddenly popular during the doldrums of winter.  Liquidate the items that aren’t moving.  Turn those assets into money.  Use that money to promote your website and sell your fast movers.

Whether you outsource your order fulfillment or keep it in house, slow moving inventory is costing you money.  Not only is your capital tied up in inventory, one way or another you are paying for warehousing (even if your order fulfillment company is giving it to you for “free”) and the duds are taking up real estate on your webiste.

Starting the New Year by being realistic about your stock help you channel your energy and money for growth.  And isn’t that what we are all in business to do?