There are several methods used to manage and track inventory in retail. One of the most accurate inventory management tools is the specific identification method. In this system each piece of inventory is monitored and tracked throughout the process.
One of the three ‘P’s of small business operations, People, Process, and Product; process is the operational flow of the business. This includes ordering the raw resources, manufacturing and then delivery to the customer.
There are a multitude of principles used in business, some are industry specific, others are functions of business. But there is one that is a general principle that is used across the board in all areas of business. It is called the ‘Substitution Principle’. It works just like the substitution principle in math that we all learned about in algebra.
Marcus Lemonis is the star of a TV series show called ‘The Profit’. He helps failing business turn around and become successful operations by fixing the three core elements of every business. He refers to these elements as the 3 P’s: People, Process and Product. It is an interesting show as it falls into the same arena as this website.