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Managing Assets & Inventory: Mid-Year Check-In

mid-year-check-in-banner Like personal resolutions, it’s important to not only set goals for your business, but also to check in on your progress and hold yourself, your team, and your business accountable. As we close out Q2, now is the ideal time to reflect on goals set at the beginning of the year and make necessary adjustments. A few things to consider while executing systems to manage assets & inventory; the mid-year check-in include:
  1. What are your goals for 2014? Wait, you don’t have any? Established and universally known goals and benchmarks not only keep your team accountable, but they empower success when goals are met or exceeded for a given time period. Make goals measurable and reachable and see your team thrive.You did set goals for 2014? If so, check in on your existing 2014 goals (see our suggested New Year’s resolutions for inventory control system) and give a progress report to your team. Celebrate your successes while pinpointing areas that require continued improvement.
  2. How are you measuring your progress? In the case of inventory control and asset management goals and resolutions, a system to measure benchmarks is extremely helpful for evaluating success. Wasp’s Mobile Asset v7 small business asset management system empowers users to instantly locate assets with real-time tracking reports, such as vehicles, tools, and IT assets. If your goal is to decreases losses on misplaced, lost, or misused company assets, this is a great solution for tracking and measuring success.If your goal is to decrease shrinkage, minimize rush delivery costs, or minimize losses due to outdated inventory, then Wasp’s small business inventory management system will likewise help achieve and measure success. [caption id="attachment_6269" align="alignright" width="378"]Inventory Managing inventory[/caption]
  3. How can you adapt? You set goals for 2014 and now, you’ve checked your mid-year progress. You’ve likely found that you are doing a better job on certain goals than others. Now is the time to adapt. Reallocate resources and talent according to strengths and weaknesses. Evaluate your supplier relationships and look for opportunities to cut costs or ramp up efforts. If you haven’t already, now is a great time to consider investing in asset tracking and inventory management solutions.And of course, if certain goals are no longer relevant or effective to your company’s bottom line, make adjustments accordingly. Make your team aware of all new goals and collaborate on strategies for achieving those goals.
With a holistic and complete view of where you are relative to your goals, you are now equipped to go forth and conquer Q3 and Q4.