Ineffective inventory management can quietly erode profits for your barbershop franchise. Consider this scenario: a customer seeks to purchase your top-selling beard oil, aftershave, or styling wax, either online or in-store, only to find it out of stock. This missed opportunity represents more than just a lost sale.
It represents a dissatisfied customer who may turn to a competitor, potentially resulting in not only a lost sale but also a loss of customer loyalty and future business opportunities.
Now consider your barbers. Without a steady supply of high-quality essentials like shampoo, conditioner, comb disinfectant, and other hair care products, they can’t deliver exceptional service to clients. The result? Another lost opportunity for customer satisfaction, retention, and revenue.
Expired products present another challenge, as they become unusable and lead to unnecessary disposal costs.
These are all too common scenarios for barbershop franchises grappling with disorganized inventory. They fall into the trap of overstocking or understocking, leaving them scrambling to meet client needs and ultimately, losing money.
Why is inventory management so challenging?
At the franchise level, it’s difficult to track and assess inventory needs accurately. Every barbershop location has different needs depending on the season or specific month.
The solution lies in embracing a smarter approach. MyTime franchise management software equips you with the tools and functionalities to gain complete control over your inventory across multiple locations. It also provides a complete all-in-one solution for barbershop operations and point of sale. A fully integrated POS & Inventory management solution.
MyTime is a franchise management software that helps you govern and integrate bookings, transactions, marketing, and inventory for your franchise from a single dashboard.
How can MyTime franchise management software help you manage inventory across multiple barbershop locations and avoid common stock management errors?
Product Tracking for All Barbershop Locations
The main challenge of inventory management is: How can you accurately forecast how much supplies every barbershop needs in every location?
Franchises that overestimate their needs risk having too many supplies (overstocking). Another common issue is not having enough products to work with (understocking).
The MyTime Inventory module ensures you always have the right amount of stock on hand at each of your barbershop locations.
This is achieved through a constantly updated dashboard with several key features:
- Clear Inventory Breakdown: MyTime automatically separates back bar (products used by barbers) and retail (products sold to clients) inventory for each barbershop. This simplifies stock control and helps you forecast needs accurately.
- Always Up-to-Date: Forget about time-consuming inventory checks. MyTime provides real-time data on all your inventory levels, making it easy to stay on top of stock needs across all locations.
- Smart Reordering: Based on daily, monthly, and yearly usage data, MyTime generates intelligent reordering suggestions. This eliminates the risk of overstocking or running low on essential supplies.
- Simple Global & Local Product Management: MyTime empowers barber shop franchises to streamline inventory management with features like simple global and local product management. This ensures both corporate and individual locations have the supplies they need while maintaining efficient control over product costs.
As a result, barber shop owners have accurate and real-time data they can trust when reordering the supplies for the online shop or barber shop.
The best practice is to reorder inventory based on last month’s needs. You can easily access this data from the many different MyTime inventory reports.
Coordinate Suppliers for Different Locations
In a franchise environment, clients expect a consistent experience – the same high-quality service and products, no matter which location they visit. This can be challenging with traditional inventory management, where stock levels may vary from shop to shop.
Franchises rely on consistent vendors, and MyTime streamlines procurement with vendor integration, both at the local and global vendor level.
MyTime Inventory offers integration with vendors, allowing franchisees to streamline the procurement process.
By connecting directly with suppliers, franchisees can ensure the timely delivery of products and maintain consistent inventory levels across locations.
Also, orders can be placed directly from the MyTime platform to suppliers, reducing manual effort and making sure the supplies will get shipped in time.
Prevent Costly Inventory Losses
Inventory losses in barbershops can be the result of:
- Having to throw out products that surpassed their shelf life or expiration date
- Stolen items that are sold in the barbershop
- Damaged items
- Having too many products in stock that haven’t been sold for months
Inventory audits are crucial for detecting missing or stolen items. MyTime allows you to compare physical inventory counts with system records, automatically flagging discrepancies for review. This helps franchisees to investigate and resolve inventory issues before they impact operations.
To avoid financial losses due to expiration dates or overstocking, use MyTime to discount items before they expire and promote less desirable products.
Finally, you can use My Time to discontinue some of the inventory that is either not on trend or regularly used in the barbershop.
Automate Repetitive Inventory Processes
To properly manage inventory at scale, automate processes that are either manual or repetitive.
For example, with MyTime, you can automate:
- Reordering of several popular products
- Updating of inventory levels and sold products
- Reports on inventory levels, sales performance, and stock movements
By automating tasks such as reordering, inventory tracking, reporting, and audits, MyTime enables franchisees to focus on growing their business.
Get Barbershop Inventory Back on Track With MyTime
End inventory headaches in your barbershops. Accurate forecasting of product use and sales across all locations is crucial.
MyTime, a powerful franchise management software, helps you achieve this.
It analyzes data, automates tasks, and integrates seamlessly with POS to prevent stockouts and overstocking. MyTime, with hundreds of available features, goes beyond inventory; it streamlines your entire business. Power smarter ops with MyTime.
