Inventory Control Solutions for the General Contractor

An inventory control solutions manager updates inventory with a clipboard.

As a general contractor, you need good inventory control solutions to keep things running smoothly. We’re sure you’re familiar with the problems that can occur otherwise. Not knowing, for instance, how many of a certain product you have, having to leave the job site in the middle of the day to get a vital component, bookkeeping issues when you can’t account for everything — these are all problems we’re sure you could do without. Here are a few inventory control solutions that will help. 

Organize Your Storage System

We understand the challenge of keeping such a wide variety of parts and pieces organized. But unorganized storage will translate to money lost. You’ll inevitably end up buying inventory you don’t need simply because it’s “lost” in storage.

As a general contractor, you need to know what you have and where it is. Taking the extra time to set up an organized and efficient inventory system will pay off in the long run. 

Do Regular Audits

How often do you audit all of your inventory? Some contractors do a quarterly audit; others audit monthly for end-of-month balancing. Frequent auditing will help you stay on top of things you need to order and spot any inventory problems.

You can even create automated ordering for the products you see are being used every single month. Placing systems in place upfront can set you up for long-term success as a financially savvy general contractor. 

Take Advantage of Technology

Old-school inventory control works, even though it’s time-consuming. But why not take advantage of the many affordable (and even free) apps and technological tools out there that can make your job easier?

First, are you using a barcode scanner to scan labels going in and out of storage? Both iOS and Android offer free barcode scanner apps. Scanning the barcodes is both faster and more reliable than other tracking methods.

Second, download an app that can take the place of old-fashioned spreadsheets. There’s a range of inventory control apps. In general, they can help you keep track of stock, create reports, and track orders. Others include features that help with job costing, invoicing, and more.

One of the keys to running a successful contractor business is taking advantage of the tools that make your job easier. Hopefully, these inventory control solutions will help you streamline your inventory process. 

Delegate the Process

Depending on the size of your general contracting business, you may find it beneficial to either delegate the inventory process to an employee or hire a specific person to handle the job for you. As a successful business owner, you’re likely busy. 

Consider hiring someone short-term to update your inventory and implement new systems. The investment will be worth it in the long term because you’ll ultimately save money by knowing what inventory you have, what you’re using, and what you need to update. 

Offer Financing as a General Contractor with HFS Financial 

Speaking of business strategies for contractors, remember that HFS Financial is an excellent asset for your general contracting business. Offering financing can boost your business and give you the edge over your competition. 

Remember to simply keep your clients informed of the possibility of contractor financing with you and all of the amazing benefits. Direct your customers to the HFS widget on your website to connect them directly to our team and the best financing for them. And visit our contractor resource center to get any informational fliers you need to give to your clients. 

It’s time to let HFS Financial work for you to offer financing to your contract customers. Get started today! “You Dream It, We Finance It.”

Inventory Control Solutions for the General Contractor

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.