Before we jump into the meat of the article, I want to make a point — ecommerce solutions that are built for B2C businesses, in most cases, are not an appropriate fit for a B2B business.
In the wholesale world, trying to set your business apart can sometimes feel like you’re a single voice yelling in a crowd. There are tons of other clothing wholesalers out there, and competing with them is tough. Do you compete on price? Or style? Through offering sustainably sourced products? Fair trade certified items?
Whether you have a physical warehouse for supplying your customers, or you’re an entirely digital drop-shipping distributor, you’ll run into the same problems business owners have had for hundreds of years. Management, inventory, keeping customers coming in the doors or visiting your website.
When clothing distributors are looking for wholesalers and manufacturers to partner with, they’re generally looking for someone who has a clear record of success, someone who has partnered with plenty of retailers and who can reliably, and continually, fulfill new orders and keep product flowing out the door.
Though I can give you a list of inventory management best practices, the reality is, not all of these practices are going to be the best for your business.
It’s one thing to attract new business to your website, but it’s another matter entirely for you to retain that new business. All customers want a streamlined, easy ordering process, but the customers in the B2B segment are often relatively neglected compared to those in B2C.
One of the biggest problems for B2B companies is dealing with data entry errors. You're perhaps one B2B business that still uses antiquated wholesale order management software requiring manual data entry to get financial information coordinated.
For your fulfillment center, this can lead to vast confusion, especially when they have to call you to see why you have discrepancies on record.
Why should you consider using QuickBooks software for wholesale businesses? As a wholesale business owner, you need to make sure accounts are handled and documented. It can be a daunting task. Luckily, you can monitor the happenings of your company with QuickBooks software. You can streamline tracking the operations of your wholesale business using QuickBooks, from purchasing to inventory to sales, all electronically.
For many small and medium sized companies, QuickBooks is the main driver of their accounting infrastructure. QuickBooks is reliable and when utilized correctly, it is scalable and allows managers to jumpstart their inventory management efforts. If you are a beginner to QuickBooks, there are many resources available to help you get set up. It might be worth considering hiring an accountant to get you started. If you are using a different form of accounting and are considering migrating to QuickBooks, then you may need a trusted financial professional to help transfer integral information. A consultation can help specify and determine aspects of your business that needs QuickBooks. An accountant will help pinpoint conventional tracking expenses and other obligations when it comes to local regulations.