5 Ways to Manage Wholesale Better
Managing a retail operation and a managing a wholesale operation have a lot in common. There’s no denying that. But there are also some unique differences between the two. The obvious one, of course, is how products are merchandised, priced, and sold. Distribution systems can often have a lot in common. With ChainDrive wholesale ERP software you can manage your wholesale operations more effectively and efficiently. ChainDrive offers these five tips to help you do that:
- Get inventory status in real time – Today’s business operations are 24/7. Checking inventory is an essential task for every wholesale operation. You can’t sell what you don’t have, and since you are selling wholesale, you are likely selling in high quantities. When you have large quantities of product flying off the shelves quickly, it’s easy to lose track. That’s why real-time inventory statuses are so important.
- Keep a close eye on productivity – Wholesalers can always evaluate the performance of their sales teams better. To motivate your employees, you need a fair compensation scheme. Monitoring your productivity and accurately reporting commissions is an essential aspect of your wholesale operation.
- Automate your invoicing – Invoicing can take up a whole lot of time. If you do it right, you can automate the process and make it go much more smoothly. Your entire wholesale operation will be more efficient and profitable.
- Receive credit alerts – The retailers you sell to may fall behind in their payables. When that happens, what do you do? It’s important to receive credit alerts when retailers fall behind so you know who to call, when to call, and how to handle your receivables in an efficient manner.
- Manage prices more effectively – If you have warehouses full of product that didn’t sell well the first time, you need to move it. That means offering it at a discount. By focusing on price management, you can move the product you want to move and make room for the product that will profit you more.
We hope these 5 tips to help you be a better and more efficient wholesaler will make your operation more profitable. This time next year, we want to see you in a more leveraged position.