We live in conflicting economic times, where small businesses are heralded as being the key drivers of growth despite being unable to sustain a steady profit. According to recent study conducted by Hiscox, this is reflected by diminishing levels of optimism among small business owners in Europe, with only 1 out of 10 respondents expecting to take on additional staff during the next 12 months.
With firms in the UK also working less hours than in 2012, it is apparent that independent businesses are being forced to carefully manage their costs in the quest to achieve sustained growth. This is especially true for retail or product orientated firms, as they must invest a significant amount of capital in stock prior to trading.
The Delicate Art of Stock Management: How Flexible Self-Storage Solutions Can Help
With this in mind, the delicate art of stock management must be handled carefully if you are to maintain a profitable and fully operational venture. While there are many factors that must be given careful consideration, however, investing in flexible self-storage solutions will offer your businesses significant financial and logistical advantages. Consider the following:
- How Mobile Units Can Serve Multiple Retail Outlets: One of the latest trends in self-storage is flexibility, with mobile units now available to serve retail businesses that operate multiple outlets. Not only are these units extremely cost-effective, but they also enable you to lease a conveniently sized storage space that can be easily manoeuvred between various geographical locations. This is far more preferable than investing in a separate storage unit for each individual store, especially when you consider the cost implications and the pressurized nature of managing numerous stock holding locations simultaneously.
- Lease a Storage Space that Helps you to Control your Stock Holding: Self-storage units are available in an array of shapes and sizes, which affords you considerable levels of control as a small business owner. More specifically, securing a customized storage space will enable you to effectively manage your stock holding, as you need only lease a unit that can hold a predetermined volume of goods. While the amount of stock that you hold should be enough to trade continuously and without interruption, for example, you should not commit too much capital into goods that have yet to be sold. Once you have calculated a viable stock volume that allows you to trade efficiently, you can invest the exact unit size that you require.
- Identify a Secure but Easily Accessible Unit: Striking the balance between security and accessibility can be difficult when you are identifying potential storage solutions, but contemporary firms have strived hard to optimize the appeal of their service. Not only are self-storage units now adequately protected by high levels of security, for example, but they can also be conveniently placed according to the precise location of your business and individual retail outlets. This is extremely important when it comes to minimizing the cost of logistics and managing the transfer of stock from one location to another, while it also provides valuable peace of mind to firms who manage their stock holding off site.
The Last Word for Small Business Owners in 2013
With small business confidence not as buoyant as it was in 2012, it is clear that independent ventures are currently facing up to a series of financial and logistical challenges. Flexible self-storage options can help you to overcome these effectively, however, without forcing you to spend outside of your means or invest in an excess of stock.
This post was contributed by Denis, who works as a researcher and marketer for Access Self Storage. He also has a keen interest in small business operation and the challenges facing entrepreneurs in 2013.
