Online Solutions
Some small businesses use online inventory management solutions instead of in-house software. These programs work the same as software, but you don’t have to install anything on your computers. This can save valuable hard drive space and serves as a permanent off-site backup for all your inventory records. Drawbacks include server problems and paying higher annual fees for the service.
Average Yearly Cost: $900 to $1,800 for one license and unlimited web training and support (phone calls are usually limited to a few per year). The cost increases per license, up to $40,000 or more for 50 licenses.
Related Articles
Third-Party Solutions
Third-party inventory management solutions come in to account for current inventory and place orders based on sales and projections. They also specialize in demand forecasting, supplier management, billing and warehousing to help streamline your business. The downside to using third parties is cost and occasional reduced access to inventory.
Average Cost: Varies greatly. Request quotes.
Related Stories:
Business Loans: What Are Your Options?
Small Biz: How to Plan for Disaster
Learn to Make Smarter Business Decisions
—For the best rates on business loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.
- 1
- 2
