About ten years ago, I bought a struggling toy business that, on the surface, looked like it had a lot of potential. But only two years later, I was forced to sell it at a fraction of what I invested. I lost over a million dollars in the process, which nearly ruined me.
Mega Distribution, a wholesale company based in California, U.S, connects retail businesses with successful, nationally recognised brands. Their customers are mainly small businesses, but as their catalogue has become more mainstream, their clients now include yoga studios and doctors’ offices.
We often get asked this question by users of TradeGecko’s Inventory Management software. Its a good question so we thought we would put it here as an article and link any interested parties back to it.
Shine+ emerged in 2015 when founders, Steve Chapman and Dr Sam Prince, were on a trip to New York and brainstormed a solution to the lack of functional and healthy drinks available in Australia. Sugar-heavy energy drinks were saturating the drinks market, and there were hardly any beverages around for the health-conscious consumer looking to naturally enhance their mental performance. Enter Shine+ with natural nootropics.
If you’re a manufacturer, you’ll know first-hand how inventory forecasting can consume your time and nag away at you. You’ll know all about variable lead times and how much of a headache they can become if not managed correctly; you’ve likely encountered the frustration of when your product’s ready to go, but it’s missing a vital component, or you can recall several times when your service reps got an ear-bashing because your product hasn’t been shipped on time.
If you're after a very quick assessment (about 15 seconds!) of how much cashflow you may have tied up in overstocks please click this link https://www.stocktrim.com/calculator.
Blick Industrial are leading suppliers of drilling tools, fluids and other products for the drilling industry. Their products enable a wide range of projects to go ahead in New Zealand and Australia - from the massive – think new tunnels and geotechnical drilling - to the minuscule, like connecting homes to high-speed fibre.
Do you have headaches around your demand planning? How does this transfer through to your inventory planning and stock forecasting? Your issues are most likely not completely unique to your business, although they may appear so.