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All CollectionsThrive UniversityCourse 4 - Reporting Insights
Thrive University || Course 4, Lesson 4 || Using Metrics to Determine Buys
Thrive University || Course 4, Lesson 4 || Using Metrics to Determine Buys

How to use metrics to decide what to order less or more of, when to order, and how much.

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Written by Hannah
Updated over a week ago

In this lesson of Thrive University, we'll discuss how to use metrics to help you determine what to order less or more of, when to order, and how much to order based on sales goals and inventory turns.

Reporting Insights: Using Metrics to Determine Buys

Overview:

  • Use metrics to determine inventory buys

    • Inventory is the lifeline for small businesses

  • It’s important to not only look at individual products, but also at category and vendor level metrics

  • Reports and metrics that can help you determine what to buy LESS of:

      • If you want to turn products every 3 months, pull a report to show products that haven’t sold for 90 days. Consider not reordering products on that list

      • The Sell-Through Report shows sales compared to how much was received compared to what’s still on hand

  • Reports and metrics that can help you determine what to buy MORE of:

  • Reports and metrics that can help you determine WHEN to order and HOW MUCH:

      • Tells you when you will run out of a product - in 2 days, 2 weeks, 5 weeks, etc.

      • Use this report to help you decide on PAR or alert levels and create an automatic ordering flow, and/or know how much to order at a time.

      • If you’re ordering frequently, this report will show you inventory that’s already on its way


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