Yes, you need to audit your processes at the new year — here’s why

Editorial Team

Woman looking at tablet in boutique

As one year comes to a close and another one begins, it’s a perfect time to audit and improve your business workflows. Thrive’s integrated inventory management system with Clover provides a clear picture of your business and the optimization tools you’re missing.

Benefits of looking back

The beginning of a new year is too often seen as a time to forgive and forget after the stress and craziness of the holidays wear off. However, diving deep into your processes to see what worked last year, and what didn’t, is essential to a better new year.

By looking back at your processes, you can:

Detect inefficiencies to streamline operations, optimize workflows, and reduce waste.
Examine your business’s performance last year to make more informed product assortment decisions.
Identify areas of wasteful spending, duplication of efforts, or inefficient use of resources to reduce costs and increase profitability.
Assess potential risks and vulnerabilities to ensure the stability of your business as you grow.
Understand how your processes are working and better allocate resources to areas that need improvement, innovation, or expansion.

3 areas to focus your attention on

1. Challenges during the holiday season

The sales volume during the holidays is one of the best tests of any cracks in your business’s workflows. While those inefficiencies might not affect your normal day-to-day, if growth is your goal, it’s important to iron out any roadblocks now.

For instance, if your business struggles with inaccurate stock counts, you need software like Thrive that simplifies inventory counting and syncs levels across all your sales channels.

2. Cash flow

Managing your inventory cash flow can be one of the biggest unknowns for small businesses. Look out for products that flew off the shelves last year and products that sat gathering dust.

Thrive shows your excess inventory so you can place those products on sale to clear them out. Next, identify your most popular products so you can invest that money back into the items your customers actually want.

3. Order management strategy

Your inventory is your business’s biggest asset, so understanding how it performed last year can affect your success this next year. If your business struggled with stockouts or knowing exactly what to purchase during the year, you need to optimize your order management strategy. With Thrive’s inventory management system, set product minimum levels and access stock forecasting. Know exactly what to order and when so you never turn a customer away.

Tips for starting the new year strong

Get your staff involved to hear out the top roadblocks they faced last year and focus on increasing their efficiency.
Evaluate your tech stack against your optimization needs and look for opportunities to implement new tools.
Consider bringing in a professional consultant to uncover deeper insights and provide a plan to improve workflows.

If you’re ready to take control of your inventory management in the new year, try Thrive inventory management free for 30 days.*