Definition: Inventory Management - Examples & Advice | Bolder Money

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Definition

Organizing stock so that you always have enough products on hand. A good system cuts down on waste and keeps customers happy.

What to consider

Identify fixed versus variable costs.
Regularly review expense reports.
Focus on cost reduction without compromising quality.

Real world scenarios

A small business owner in Seattle reviews monthly expenses to identify and cut unnecessary costs.
An entrepreneur renegotiates supplier contracts to reduce material costs.
A manufacturer implements energy-saving measures to lower utility bills.

Related terms

Entrepreneurial Finances

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