Managing inventory is likely not your favorite aspect of running a veterinary practice, but it is critical to your bottom line. Here at Covetrus, we’ve helped thousands of practices to maximize their inventory — and save time and money — without breaking a sweat. Now, we’re sharing three of our surefire secrets for making your inventory work better for you.
One – Buy some stickers.
No, we’re not kidding. Buy some of those little circle stickers in different colors. Pick a different color for each month and place the stickers on the new stock. Then, once a month, check to see which colors are still there and which are gone. It’s fast, easy, and gives you a quick idea of what’s moving. Knowing where your success lies gives you a quick way to know where to invest.
Two – Get a camera.
These days, there are plenty of cost-effective camera options to make sure your inventory area is being monitored and recorded. Doing so encourages staff to be more conscientious when pulling inventory, and discourages any opportunists who may be walking by while the door is open. Most of our clients find that a camera pays for itself in a matter of months.
Three – Select an integrated inventory system.
Full disclosure: We sell integrated inventory systems, but that doesn’t make this tip any less effective. Having a robust inventory management system within your practice management software means that you can run the information-packed reports you need to take that sticker tracking option (see tip one) to the next level. Forcing your staff to track inventory manually is time-consuming and leaves you vulnerable to errors and data misses. On the other hand, having powerful workflows means all your data are literally at your fingertips!
We hope these three tips help you get the most out of your inventory.