Reducing your company’s inventory costs is never as simple as just cutting back on inventory levels. It’s ultimately about buying exactly what you need when you need and having the right amount of inventory to cover customer demand. When faced with this situation, companies invariably turn to calculating their economic order quantity (EOQ).
As a small and medium-sized enterprise (SME), and or entrepreneur, you’re well aware of how much time, effort and money it takes to win new business. Unfortunately, there’s always the threat of larger competitors coming in and stealing what you’ve worked so hard to close. So, should you resign yourself to this fate, or should you instead use a strategy to ensure that you not only keep your customers, but that you never lose another sale to a larger competitor again?