Managing inventory can be very tedious and overwhelming for any business owner – especially a jewelry designer. There are many important reasons to learn how to manage jewelry inventory – both part and finished piece inventory.
Track Parts So You Have Enough To Make Jewelry
You need to keep track of part inventory so that you have enough on hand for making jewelry. It is essential to know which parts are low or out-of-stock and need to be re-ordered. Not having enough parts in stock to make your jewelry can be frustrating. It may cause you to lose customers and sales especially if you get a big order that needs to be fulfilled fast. It’s also nice to have a variety of components in your studio. Then you can actually do what you love: create and design jewelry!
Jewelry Designer Manager has many great reports to help you manage inventory. The Part Reorder report will only print parts that are low or out of stock and includes purchase information. You can print labels for your part storage containers to be able to identify parts quickly. Labeling is especially useful when you have many similar parts. For example: bead caps or jump rings that come in many sizes and gauges. The Part Catalog can be useful to show to customers for custom design options.
Purchase Parts Wisely and Easily
Purchasing parts quickly and at a reasonable price enables you to make a bigger profit. If you overpay and markup then your selling prices may be too high. It is great to be able to compare prices from past purchases and from different vendors. I remember bringing the Part Price List report to a gem show. When a vendor quoted his price I was able to negotiate a lower one because I knew what I had paid in the past. He saw the report and knew I was a savvy shopper – no haggling. Large gem shows can be overwhelming. You don’t want to go home without the parts you needed or realize you overpaid.
Having a detailed purchase history report makes reordering easy and saves a lot of time. You wont have to search through old invoices. One of my biggest fears as a jewelry designer was not having the information I needed to reorder. Did I buy the clasps at a gem show in Tucson or from Rio Grande? Rio has so many. Which ones were they? One vendor asked me to send a sample of what I needed. What a hassle and waste of time! Imagine landing a big wholesale order but not being able to reproduce the designs because you cannot find the same parts. Not very professional! The Part Purchase History report will show you all your past purchases, prices, vendor contact information and the part item/style numbers. Reordering made easy!
There are many variables that can influence your purchasing decision. Perhaps you will get a discount if you order a certain dollar amount. Maybe you don’t mind paying a little more since the customer service is much better. Knowing that you can get the same exact part in the future may be crucial if you have popular designs that you reproduce. Another consideration is the fluctuating metals market where prices can change sharply and you may need to look at your product pricing more carefully. Keep good records so you can make good decisions.
Manage Finished Jewelry Inventory
You also need to know how many finished jewelry pieces are available for sale or consignment at any time but especially before a trade or trunk show. Bringing your best selling pieces and having a range of styles and price points can make or break a show. And of course, after the show you will want to know which items were sold so that you can replenish your inventory and keep track of sales.
The Bills Of Material feature in JDM allows you to create a BOM and enter all the items that need to be made. The reports will show all parts needed in summary, stock and reorder information. How easy is that? Here’s a list of all parts that need to be reordered for an order for Nordstrom.
Jewelry Business Requirement
And the most important reason for keeping track of inventory is because it is mandatory when you file a tax return. You must know the starting and ending inventory – Part Inventory and finished Jewelry Piece Inventory – each year. Don’t mess with the IRS!
Jewelry Designer Manager was designed specifically for keeping track of jewelry inventory and pricing. The program will help you to get organized so you can spend more time making jewelry and less time managing inventory. Less stress!