In Part 1 of our series, we explored the 3 basic types of inventory that most businesses offering products and services typically encounter. We established that organizing and tracking equipment inventory is critical to running a successful supply chain operation.
If You Missed Part 1
We also began to look at why understanding the lifecycle and classification of inventory is so important. Once a team can quantify their materials at every step along their supply chain, they can begin to create processes to optimize how they handle and distribute that material.
In this article, we’ll look at 3 profit-making benefits of implementing systems to help streamline the production process. We’ve all seen this. Operational teams get caught up in the day-to-day grind of putting their heads down and getting the job done. In turn, they forget to stop and ensure they are functioning in a way that is efficient and productive.
Inventory is a cost for some and security for others. It makes an accountant nervous and makes a foreman giddy. But when does a business have too much inventory? And how does a business reduce that inventory without getting rid of valuable products?
Business inventory is defined as:
“Inventory, in business, is any item of property held in stock by a firm, including finished goods ready for sale, goods in the process of production, raw materials, and goods that will be consumed in the process of producing goods to be sold. Inventories appear on a company’s balance sheet as an asset.” – Britannica
A Brief History of Auctions
Did you know? The first recorded “auction activity” dates back to Greece around 500 BC. The Romans also enjoyed auctions, buying and selling their treasures from war and debtors’ assets.
Later in history, “candle auctions” became popular, beginning with a candle being lit and ending when the candle burned out. No one knew when the last bid would actually be placed, adding an extra level of drama and excitement to the final moments of a sale.
As time passed, auction houses gained traction and notoriety. The first establishment appeared in 1674, known as the Stockholm Auction House in Sweden. Sotheby’s was founded in 1744 and has recently gained rank as the largest auction house in the world, relinquishing this title from the long-standing auction giant Christie’s which was founded in 1766.
Appraise and Sell Your Business Equipment For A Merger Or Acquisition
In article 3 of our series on Mergers and Acquisitions (M & A’s), we’ll look at how appraising your business equipment and selling the pieces that are no longer needed will provide you with a smarter, more efficient M & A process. We’ll also provide you with some smart actions to consider that could help you have a successful appraisal and selling experience.
You’re on the brink of growing your business in a valuable merger, or you’re positioning your business for a successful acquisition. You know that you’ll have excess and redundant equipment and you’d like to get as much value as possible for those items. But what’s the best way to determine that value?
You need to make the right decisions when figuring out how to price your business equipment. And the best way to make that happen is by partnering with a Certified Business Equipment Appraiser and a company with a proven track record of success when it comes to equipment liquidation.
Some quick housekeeping. We kindly remind readers that our research is intended to spark new ideas and inspire actions that can help businesses.
Always remember, if you’re a company with plans to enter a merger or an acquisition, you’ll want to consult with accounting, tax, banking, and legal representatives experienced in these fields.
3 Steps On How To Prepare Your Business For A Merger Or Acquisition
In our first article on Mergers and Acquisitions (M & A’s), we covered why they may be a good idea for certain businesses in 2021. The main idea to keep in mind we pointed towards: strategy. And since this year will be the year of the client, we also talked about the idea of making your customer journey as convenient as possible.
Why They’re Winning Strategies For 2021
With a challenging and turbulent year moving behind us, there looks to be great opportunities in several areas of business that could help fuel company growth and local economies in 2021. As we discussed in our last article, this upcoming year will be the year of the customer. Companies who know how to create an empathetic and convenient buying experience will have an advantage in the market. Smart marketing strategies and effective fulfillment techniques will be valuable for businesses and customers alike.
But solid marketing, sales, and fulfillment strategies aren’t the only name of the game for 2021. For businesses that flourished or floundered during the pandemic, there are other valuable opportunities on the horizon. And those opportunities may appear as mergers and acquisitions.
With all of the complications the business world encountered during 2020, there were an enormous amount of companies with amazing business models, impeccable products, and integrity-driven customer service that were taken down. Businesses that would’ve thrived during a normal year had to close their doors and lay off workforces.
As we’ve also covered in previous articles, there were a large number of businesses in the perfect position to provide services and products to folks during this health and humanitarian crisis. They thrived. And many of them grew, very quickly.
Here is where the opportunity appears for both parties. Mergers and acquisitions could be a tremendous advantage for businesses of all shapes and sizes in this upcoming year.
This last year has been a challenge for everyone. Some businesses were positioned perfectly for unexpected events. Other businesses suffered. Lessons were learned. The game changed. And 2020 marked the beginning of some new ways for almost every company in the world. We’ve been researching trends, studying the reports, and reporting the ideas throughout this last year.
Now, we’d like to share discoveries on how the experience of this last year could possibly drive consumer trends moving forward in 2021.
As we write this, the vaccine for COVID-19 is being dispersed to front line workers. With high hopes and some anxiety, our nation awaits what lies ahead. It’s hard to predict exactly what the future looks like. Will we return to the social norms of our pre-pandemic? How long will the shadow of social distancing loom over the interactions of people both personally and professionally? And for many business owners, the question still remains. What will happen to us?
We hope that this article will spark some strategy ideas for navigating the uncertain future and start conversations around how to give your clients a stellar experience. We’ll review 3 key points that could benefit your company as you plan for the upcoming year.