Industry • Best Practice
Why Investing in Medical Spa Inventory Management Software Improves Efficiency
Feb.07.2023By Boulevard Staff
Live stock updates and enhanced reporting equals inventory software you can count on
For clients, spas are meant to be soothing places. For workers at inventory time, they can be anything but relaxing. Counting stock, re-ordering essentials, and fulfilling customer orders eat away at your time. Medical spa inventory management software can help you take some of that time back, making your business more efficient. Here’s how the right software can help with ordering, customer relations, and even your taxes.
Why do you need medical spa inventory management software?
Before we dive into the major benefits of MedSpa inventory software, let’s go over a quick breakdown of the basic principles. Fundamentally, your spa inventory management software will tell you (and your clients if you have an integrated online shop) which products you have in stock. Internally, it will help you identify sell-through rates, stock across locations, and more granular details about what you have on hand.
It’s important to prioritize fast inventory updates. If your updates are slow, you risk frustrating your clients (and yourself) with inaccurate stock counts. For instance, imagine a client ordering a product that you’re out of. When they come to pick it up, it’s going to be a bad experience. At best, that client might walk away with an alternate product. At worst, you’ve potentially caused lasting damage to the customer relationship.
Inventory logistics are an important part of any business, big or small. If you want to avoid customer service issues and internal inventory hiccups, you must have inventory tools to help you along the way. This is doubly true in the MedSpa world, where small products like tinctures and lotion vials can be lost, damaged, or stolen easily.
Online orders and restocking
As ecommerce sales grow, it’s becoming more important for small businesses to give customers the option to order online. Luckily, inventory management software for small businesses can also help facilitate online orders. Make sure the software you use can connect with services like Shopify, as it will help you fulfill and track stock for client orders, even if you operate across multiple locations.
By automating processes like retail sales , you can invest more time into marketing and building customer relationships. Medical spa inventory management software can help you do just that, including recommendations on what to order based on your sales.
However, inventory management software doesn’t simply track what you’ve got flowing in and out. Its real purpose is to give you in-depth reports on every detail that matters, helping you identify unpopular items, missing inventory, and more. Yes, that means less time counting and more time sipping rosé.
Monitor shelf-life and dead inventory
You have a limited amount of space for display and storage, so you need that space to be used as efficiently as possible. Software can help you track the products that haven’t moved from your inventory since “Born This Way” was number one on the billboard. Once you’ve identified the products that aren’t selling, you can eliminate them to make room for popular items. If you have an abundance, you could bundle them with other products, sell them to a liquidator, or even donate them.
Do I still need to audit my inventory?
No one likes to stay late or show up early to count products, but it’s a necessary part of business. Consistent and accurate physical audits help track inventory shrinkage (items that have been stolen, damaged, etc.). Not only do you need to spot if items are missing to address potential security concerns, but you can claim inventory shrinkage on your taxes to reduce your overall taxable income.
Spa inventory management software can help you perform inventory audits more efficiently. You’ll have an automatic record of intake and sales, so you don’t have to worry about potential miscounts. That means you’ll have an easier time determining shrinkage and getting an accurate representation of your profits.
Trimming time off of tedious tasks lets you focus on building relationships with clients, which makes MedSpa inventory software a valuable tool in itself. Almost as important, it makes inventory day less of a pain — which is something both you and your whole staff will be grateful for.
Have big plans for your medspa? Be sure to grab your free copy of our latest medspa guide, Five Secrets to Running a Medspa: A Manager's Guide to Success. Download now