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5 Ways to Salvage Your Excess Inventory
1. Drop the price – This is probably the first thing that businesses try. it will work for a lot of moderately priced items and is at least worth a shot.
2. Bundle up – People are irresistibly drawn to packages that contain multiple valuable products – it triggers the hoarding instincts from our hunter-gatherer days.
3. Offer Sales Commission – Consider offering your employees a large commission for selling hard-to-sell items. If you know that the product isn’t about to be picked off the shelf anytime soon, it doesn’t cost you anything to be generous!
4. Sell Online – You definitely don’t want to spend your time trying to sell individual products online – you have better things to do! Instead you should be selling your excess inventory as a lot. You can start here: liquidation.com, amlinc.com and of course ebay.com (Look for the ‘Wholesale Lot’ features)
5. Give it up – You’ve tried everything and nothing works, but before you take the trash out consider donating your dead stock to a non-profit organization. In addition to being a gesture of good will from your business to the community, you will also be able to salvage some of your costs in tax credits
Of course the best way to avoid getting yourself into this hole in the first place is to watch your inventory very carefully. If you don’t use inventory management software, start now!
Your inventory purchases are a sunk cost. The more you hold on to your stock, the more its value decreases. It takes up real estate in your store and just sits there glaring at you with its uselessness and eating up carrying costs. However, with a little careful planning you can salvage a good chunk of your dead stock. Good Luck!
Emad Hanna, MaSC, is the Founder of http://www.cyberstockroom.com specializing in inventory management solutions for small and medium size businesses. For more tips and news you can follow him on Twitter @CyberStockroom or on blog.cyberstockroom.com.