Best Ways to Get Rid of Excess Stock
In case your business activities are in any way slowed down or disturbed by excessive stocks, there are certain ways to deal with this type of issue.
The thing is, no matter how well-organized your company may be, it will certainly end up with too much inventory at a certain point. That can be the result of unpredicted shifts in marketplace or technological advancements. Being prepared for this situation puts you in a very good place as compared to other businesses that are similar to yours.
Most of the time, you may not be able to recover all your costs. The methods of disposal may be related to the level of your original value for your acquired products.
One good thing you can try is ask for a refund from the part of your supplier. This could be a reasonable option, and you could recoup at least a part of your investment.
You can schedule a cost effective warehouse liquidation event. Gives you an opportunity to unload excess equipment and inventory and improve cash flow, and provides others with items you no longer need.
You could also try and direct your inventory to new products. The thing is, some business have actually created new products from excessive inventory obtained from other companies.
Your competitors could actually become your partners, at least in this particular situation. You could trade certain products with them, while also building relationships that can bring you many benefits in the future.