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Lesson 1 - Improve your inventory control.
"The ability to turn cash into inventory, as we've all learned, is easy. The challenge is turning that inventory back into cash."
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Lesson 2 - Do all of your employees understand the cost of bad inventory management?
"Inventory must be transformed back into cash for the company to have the money to pay its employees in the future."
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Lesson 3 - Limit access to your inventory.
"Do you think your bank allows everyone to wander around their vault?"
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Lesson 4 - Maintain a clean shop
"I have never visited a filthy shop that had achieved effective inventory control."
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Lesson 5 - Establish a visible approved stock list.
"When you stock a product you are making a commitment to have that item available in reasonable quantities."
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Lesson 6 - Use ranking by "hits" to separate stock from stuff.
"By identifying the top 10% of your products you will greatly reduce the amount of times you run out of critical items."
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Lesson 7 - Assign and use bin locations
"The product is usually "hiding" both on the truck and back in the shop."
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Lesson 8 - Barcoding improves accuracy
"Many of the more progressive suppliers today have bar coded inventory control programs that are much more inexpensive then you might imagine."
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Lesson 9 - Record all material leaving your warehouse.
"Do you think your bank allows their employees to take samples out of the vault without tracking it?"
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Lesson 10 - Stock receipts should be put away ASAP.
"When items are purchased it should be assumed that they are "in demand" products."
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Lesson 11 - Inventory Turnover.
"What response would you get when asking your employees what inventory turnover means?"
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Lesson 12 - Create a brand for your company.
"How can you differentiate yourself from your competition?"
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Lesson 13 - Determining minimum and maximum stocking quantities.
"Long lead times are not a problem, inconsistent ones are."
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