From the course: Financial Tactics and Tools to Run Your Business
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Identifying inventory needs
From the course: Financial Tactics and Tools to Run Your Business
Identifying inventory needs
So when you're thinking about inventory, essentially it's just a collection of the temporary things that you're using to sell when you're selling a product to a consumer or a business. Oftentimes those inventories have a physical amount and they sit in a physical space. But what if you're not selling a physical product to a customer? What if you're designing something or you're selling something that takes a little bit more creative skills or you're just executing on an order or initiative over time? In that case, your inventory is actually time. What that means is that your time of how much you have, how much of your your other people in your team's time, or how much of your third party contractor's time is, how much you have of inventory that you can manage to deliver your customers? One common challenge that many entrepreneurs do is they underestimate the amount of time deals take to close specifically B2B custom deals from the time that you start to the time that you deliver is…
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