What is the Best Way to Keep Track of Your Inventory and Sales?

Running a jewellery-making business involves much more than just creating jewellery pieces. Keeping track of inventory and sales is essential to staying organised, understanding what your customers love and ultimately growing your business. But with so many tools and methods out there, what’s the best way to keep on top of it all?

In this article, we’ll explore practical tips and tools to help you manage your jewellery making inventory and track sales efficiently, so you can spend more time making jewellery.

Organised Inventory System

The foundation of good inventory management is an organised system. Whether you’re using a digital tool or a manual log, your system should help you keep track of:

• Raw materials: Precious metals, gemstones, beads and other supplies.
• Finished products: Your completed jewellery pieces, ready to sell.
• Tools and equipment: Anything you need to create the jewellery.

Organise your supplies by category and keep a detailed record of quantities, descriptions and costs. This will help you see what’s in stock at a glance and prevent double purchasing.

Tip: Label your storage boxes, drawers, and containers with clear tags. It will save time when locating items and help keep your workspace tidy.

Use Digital Tools for Accuracy

While traditional methods work for some, digital tools can significantly improve your inventory tracking accuracy and efficiency. There are several inventory management software options designed for small businesses that can help you track stock levels, monitor sales and even set alerts when supplies are running low.

A good example of this would be using Excel or Google Sheets, it’s a cost-effective option if you prefer customising your own tracking system perfect for inventory management. These tools can also help you calculate the cost of each item you sell, ensuring your pricing reflects your expenses and desired profit margins.

Keep Track of Sales Data

Understanding your sales trends is crucial to growing your jewellery making business. By tracking your sales data, you can identify which items are bestsellers, which materials you’re using the most and predict future demand based on this.

Here’s what to track:

• Products sold: What items are selling the most?
• Customer preferences: Do your customers prefer certain styles or materials?
• Sales channels: Which platform is performing best – your website, Etsy or in-person markets?

Sales tracking tools like Shopify, Etsy’s Seller Dashboard, and PayPal Business Reports can also provide insights into your sales performance.

Regularly Review and Update Your Inventory

Being on top of your inventory management is an important part of running a business. Make it a habit to regularly review and update your inventory records. Conduct monthly stock checks to ensure your records match what you have.

Regular reviews will help you:

• Identify slow-moving items.
• Spot any discrepancies or missing stock.
• Keep your product offerings fresh and relevant.

Tip: Perform a comprehensive stocktake at the end of each year to get a clear picture of your inventory.

Monitor Your Expenses and Profit Margins

Tracking inventory isn’t just about knowing what you have, it’s also about understanding your costs and profit margins. Keeping detailed records of your material costs, labour time and overheads will help you price your jewellery accurately and ensure your business remains profitable.

Use your inventory and sales data to:

• Calculate the cost of goods sold.
• Set competitive prices that reflect labour hours and your business goals.
• Identify areas where you can cut costs or increase efficiency.

Back Up Your Data

To avoid losing your data, regularly back it up to a secure location. If you’re using a cloud-based system, ensure it has automatic backup features. For manual systems, make digital copies and store them safely.

Tip: Think about using services like Google Drive, Dropbox, and OneDrive offer secure cloud storage options. Plus, they make it easy to access your data from anywhere.

Managing your jewellery-making inventory and sales doesn’t have to be overwhelming. By implementing an organised system, using digital tools and regularly reviewing your records, you’ll stay on top of your business’s performance.

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