The majority of small business owners manage and track their inventory
- A new report conducted by QuickBooks and Morning SMB Consult shows that in small to medium-sized businesses, 82% track inventory.
- 7 in 10 monitor their goods at least once a week. Yet when it comes to this important best-business practice, over 60% wish they knew how to do it better.
3 in 5 SMBs would like to be better about inventory tracking, particularly in the manufacturing industry
Of those not currently monitoring inventory, 73% say tracking tools would make their company more efficient
- Nearly 70% of business owners say such software would make their job easier.
- 3 out of 4 agree that using some sort of inventory management tool would be helpful for their business.
- 63% of those surveyed say inventory management is a top business priority.
3 in 4 say inventory tracking would make their company more efficient, yet only 63% say inventory is a top priority for their company
Inventory monitoring is the #1 way to prevent theft or loss
- Inventory monitoring is the key to minimizing losses in shrinkage-prone industries like construction, which racks up an estimated 1 billion in losses annually due to theft of tools and equipment, replacement or rental costs, and scheduling delays.1
- Less than 25% of these stolen goods are recovered each year.2
- Yet 1 in 3 in construction doesn’t track inventory at all—and only 56% want to find a better way to do it. (Here are some tips for preventing shrinkage.)
Inventory monitoring, data security, locks, and workplace video surveillance are the measures employed most often to prevent theft/loss, yet less than half of businesses take these measures
50% currently use inventory management software
- Of those that keep track, nearly 45% say the software is one of the two most helpful tools they use.
- Half of the businesses rely on an inventory software program, while 40% prefer a personal inventory tracking system such as Excel.