As a small business owner, it’s important to have efficient inventory management in order to streamline your operations and maximize profits. One tool that can greatly benefit your business is the use of SKU numbers. In this blog post, we’ll explore what SKU numbers are, their benefits, how to assign them, and how to use them at markets with tags.
What is a SKU Number?
SKU stands for Stock Keeping Unit.
Essentially, it’s a unique code that’s assigned to each product in your inventory. The SKU number provides information such as the product type, size, color, and any other relevant details that can help you keep track of your inventory.
How to Assign SKU Numbers
Assigning SKU numbers is a simple process. You can create a 3-8 digit number or letter sequence, starting with 001, 002, 003, and so on. You can also use a combination of letters and numbers to make the SKU more descriptive.
I like to organize mine on an excel spreadsheet! You can use the one I use for FREE here:
Connecting SKU Numbers to Your Inventory on Square
If you use Square for your inventory management, connecting SKU numbers is easy. You can watch the Square video on how to connect SKU numbers to your inventory.
Using SKU Numbers at Markets with Tags
When you’re selling at a market, you can use SKU numbers to keep track of your inventory and sales data. For example, if someone purchases a product from you, you can search for the SKU number in your inventory system to mark the product as sold. This will help you keep track of which products are selling well and which ones you may need to order more of for future markets.
In conclusion, using SKU numbers can greatly benefit your small business. It allows for efficient inventory management, helps you make data-driven decisions about your products, and saves you time and effort at the checkout counter. So, stop guessing which products are your best sellers and start using SKU numbers to take your business to the next level!
