01/16/2025 | News release | Distributed by Public on 01/16/2025 07:10
Updated: January 16, 2025
Published: January 15, 2025
For busy business owners, inventory tracking can feel like staring at your fridge when you already know it's empty - pointless and slightly depressing. If you know where everything is, why bother jotting it all down?
I get it. As a copywriter, I often have to deal with administrative work that feels unexciting and unnecessary. But I've learned that staying on top of it pays off, and letting paperwork slide means things hit the fan pretty quickly.
The same is true as far as inventory tracking goes. There can be serious consequences when you fail to manage inventory.
In fact, the U.S. Small Business Administration reports that poorly managed inventory is a leading cause of small business failure. Despite this, 46% of small businesses don't have any kind of system to track their goods - not even an inventory list.
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An inventory list is a detailed record of all the items a business owns, sells, or uses. It typically includes essential information like item names, descriptions, quantities, and categories. Often, the list will include optional details like unit costs, total values, locations, or reorder levels.
This list helps businesses track their stock, stay organized, and plan purchasing, production, or resource allocation.
Now that we've unpacked what an inventory list is, we can explore how it helps your business.
Maintaining an itemized inventory list helps you avoid overstocking or understocking, increasing both profit and customer satisfaction.
Overstocking is much more than tying up cash in stuff that doesn't sell - it's about finding room for all that extra inventory and hoping it doesn't expire, rust, or turn into a relic of last year's trends.
Additionally, there's an opportunity cost - the money tied up in excess inventory could have been spent on more profitable items.
Understocking can be equally detrimental. Beyond lost sales, it can harm your reputation and drive customers elsewhere. A recent study shows that 66% of consumers will leave an e-commerce site or store and turn to another retailer if the item they want is out of stock.
For tax purposes, unsold inventory is considered an asset. Keeping precise inventory records simplifies year-end tax filings. This ensures compliance and can lead to potential tax savings.
Inventory lists can also help you plan for the future. Tracking stock enables you to anticipate when to reorder and identify revenue trends. Analyzing inventory data leads to better decision-making and prepares your business for future opportunities and challenges.
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So, how do you take the leap from "organized chaos" to actual organization? Start with an inventory template. An inventory template is a pre-designed document or spreadsheet used to organize and track inventory data.
Designed to be straightforward and professional, this template allows you to track all the inventory basics. It includes categories for the ID, name/description, unit cost, quantity, style, value, serial number, and condition. Conveniently, it's also available for Excel, Google Sheets, and PDF.
I like that this template is user-friendly and approachable. Simply download it in your preferred format, and you can start filling in the details.
This inventory tracking sheet is designed for general use across various industries. This flexible and user-friendly template lets users list items, quantities, descriptions, and reorder levels.
This option is excellent for businesses with high inventory turnover. It features an auto-fill column for reordering items and includes several columns for various reorder specifics, such as reorder level, days per reorder, item reorder quantity, and discontinued status.
The Wise Basic Inventory List is another versatile template for general use - but this one features a stock location column. Including the physical location is incredibly helpful for keeping track of items and ensuring nothing gets misplaced.
Use the Inventory Report Template to generate detailed inventory reports with customizable fields for tracking stock levels and turnover. This template's standout feature is that it opens on ClickUp, which has an optional AI assistant.
Offering functionality similar to the previous options, the NetSuite Basic Inventory List is a customizable template. It was primarily designed to demonstrate the functionality of inventory lists. In that vein, I like that NetSuite encourages users to design their own list after learning the basics.
Focused on managing inventory in warehouses, this inventory list actually has three templates in it. It includes an inventory list, a pick list, and a bin look up list. The advantage of the Warehouse Inventory Template is that the information is contained in one file but organized in three different tabs, which makes the data less overwhelming.
If you are in food service, this is the list for you! It has columns for tracking food stock, quantities, and reorder points. The addition of a column for use by dates is particularly helpful for making sure all your food items are still consumable.
This comprehensive bar inventory list goes beyond alcohol stock counts and provides dedicated tracking for every operational element, from glassware to garnishes.
Transform your pantry management with this template. It works equally well for home kitchens and food-focused organizations, tracking essential details like quantities, expiration dates, and storage locations. Whether you're minimizing food waste at home or managing inventory at a non-profit food pantry, it brings professional-grade organization to food storage management.
This inventory list is perfect for businesses that provide cleaning services. The inclusion of a column for usage rate is incredibly helpful - it indicates when to reorder supplies and offers potential insights into workers' cleaning preferences.
Perfect for retail, this template has multiple tabs to track your current inventory, daily sales, and sales report. I love that it keeps all of this information in the same template, encouraging you to keep up with regular inventory tracking.
This Asset Tracking Template includes fields for asset ID, location, warranty, and condition. Including warranty information for all assets in one place makes asset management more organized and efficient.
Designed for IT professionals, this template effectively tracks both hardware and software inventory. It features fields for the location of installed software and software license expirations. I appreciate how it highlights the importance of managing intangibles like software alongside hardware, as both are crucial for keeping systems running smoothly.
This checklist template tracks inventory during a move or relocation. I find the time stages column particularly helpful because the inventory can be categorized based on when it's being moved. And when you're done moving, all you have to do is update the status column!
Perfect for teachers, this template helps track classroom resources like books, supplies, and equipment. The fields for item names, quantities, conditions, and locations are fully customizable. The calculation feature for the total inventory value makes it a valuable tool for teachers and administrators to monitor and manage classroom supplies effectively.
This vehicle inventory list is designed to record the cost, quantity, value, and reorder levels of each vehicle. Salespeople and mechanics can use the list to quickly locate inventory information when needed. Additionally, organizing the information across multiple tabs reduces confusion and makes navigation easier.
Intended for comprehensive property management, this Property Inventory List template is ideal for landlords and tenants - allowing both to maintain accurate residence inventories. It offers fields for recording the quantity and condition of items, organizing them by different rooms. The template makes it clear and easy to track inventory details by area.
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This template, created to help track chemicals, is ideal for laboratories or chemistry classrooms. It includes fields for names, quantities, and hazard classifications. This template is indispensable for ensuring regulatory compliance and maintaining a safe environment.
Great for artists, galleries, and collectors, this inventory template provides a streamlined way to track artworks. With fields for titles, dimensions, mediums, pricing, and locations, it's ideal for organizing art inventories for personal collections or professional galleries.
Track your salon's complete inventory with this comprehensive template. It allows you to record each stock item's name, item number, description, and type. A dedicated Financial Status section provides detailed cost insights, including the date of purchase, initial value, monthly payment, and current value for each inventory item.
This template helps businesses forecast future inventory needs by analyzing historical sales data, current stock levels, and trends. This template doesn't stop at gathering data - it empowers users to leverage that information for accurate predictions based on the current quantity in stock.
As we've seen above, there are plenty of pre-made inventory templates available, but it's always great to have a list completely customized to your unique needs. If you want to build your own list, just follow the guide below.
Start by determining what you need to track, whether it's office supplies, products for sale, or household items. Then, focus on what's most important for your goals. How can you keep the inventory organized and relevant?
Select a format that works best for you. Spreadsheets like Excel or Google Sheets are great for flexibility, while specialized software offers more advanced features. Make sure your chosen format allows easy updates and clear organization to save time in the future.
Include basic details like item name, description, quantity, and category. Depending on your needs, you may also add columns for unit cost, total value, location, or reorder levels. Keep your column headers concise and consistent to make the list easy to read and maintain.
Be specific and consistent with descriptions and measurements. Use clear descriptions and standard measurements to avoid confusion. Then, double-check your entries for accuracy, especially when it comes to quantities and costs.
Review and update the inventory regularly. For high-turnover items, updates may need to happen weekly or daily, while slower-moving inventories can be checked monthly. Consistent updates prevent discrepancies and help you stay on top of your stock or assets.
It's good to keep evaluating your inventory system over time. You'll find that upgrading to a more advanced system can often be a worthwhile investment! There are many excellent software options available to help businesses manage their data as they scale. I personally recommend HubSpot's Operations Hub, which is accessible and user-friendly.
Tracking inventory might not be the most thrilling part of running a business, but it's the glue that keeps everything together. Skip it, and you might end up with frustrated customers, a cluttered stockroom, and a whole lot of regret.
What stood out most is how something as simple as an inventory list can drive better decisions and smoother operations. It's a reminder that the small, consistent actions we take have a big impact on long-term success.
Outline your company's sales strategy in one simple, coherent sales plan.
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