How to Manage Inventory Supply Issues in Your Contractor Business

How to Manage Inventory Supply Issues in Your Contractor Business

Every contractor business has unique challenges, and yours is no different. Your days are filled with managing the details of everything from marketing techniques to staffing. Managing inventory supply issues is one task that chews up a lot of time. In fact, a contractor quickly becomes an air traffic controller as they determine what’s on hand, what needs to be ordered, and when it’s available. Keep your business running smoothly, and use these tips on how to manage inventory supply issues in your contractor business. 

One Major Task

When your business grows, so does the need for a consistent supply of materials. But without good preparation, you can be caught in a pinch and start frantically searching for supplies to meet your needs. 

To complete a project on time, your company must have supplies available exactly when they need them. But these days, a general idea of what supplies you have on hand just won’t cut it anymore. It’s time to develop a multi-step approach to inventory management.

Establish Consistent and Frequent Checks on Supplies

Information is key to the success of a project, but incorrect information can lead to big problems on the job site. If your records aren’t up to date or you’re off on your supply counts, you can run into major inventory shortages. 

Make sure you always know what’s available by establishing a system for regular and thorough supply checks. Whether it’s weekly, monthly or at the completion of a project, develop a system that compares what you estimate you have against what’s truly available to you. 

Automate Your Inventory Management System 

Technology is now a huge part of the construction world. Project tracking software, budget programs and even design software have transformed the way the industry works. 

Bring your inventory management up to date with an automated system. There are a wide variety of software options available and they are geared toward the needs of a contractor business. Say goodbye to your old spreadsheet and its inconsistent updates. An automated system provides an accurate count of your inventory and puts the information right at your fingertips. 

Automated inventory management systems make your business more efficient. They also work well between multiple construction sites, which limits confusion and mishaps.

Have Multiple Suppliers You Can Reach Out To 

Loyalty is a great thing, but if the supplier you have devotion to has a shortage, your projects will suffer. This can come in the form of delays or increased prices. However, if you expand your options, you’re less likely to run into this issue. Create a list of options you can turn to so that shortages do not impact your projects and your clients. And as you brainstorm options, be sure to include at least one supplier that specializes in tight turnaround times. You never know when you’ll need something right away. 

Get the Right Tools

Having the right tools on hand is essential to get the job done. And one of those tools is knowing how to offer financing as a contractor. Make sure you have the tools necessary to connect your customers to the right financing options. HFS Financial will pair your clients with the best financing option for their home improvement projects. Give us a call today at 1-800-254-9560. “You Dream It, We Finance It.”

How to Manage Inventory Supply Issues in Your Contractor Business

HFS Financial solely operates in the home improvement lending space which means we can confidently say that we are THE HOME IMPROVEMENT LOAN EXPERTS. When you apply at HFS Financial you will get a customized loan experience tailored to ensuring you get the best personal loan to meet your home improvement loan needs.