Ep. 50 | How Your Inventory Might Be Affecting Your Cash Flow (and Getting a Raise)

In this episode, Nicole discusses having too much stock on hand, reasons that it can happen, how it impacts the business, as well as a few tips on how to better manage stock levels to free up cash for the practice.

EPISODE HIGHLIGHTS

  • Inventory Ally launched! Inventoryally.com is home to the only all-in-one inventory control software specifically designed for veterinary professionals.
  • Your exhaustion and worries are valid. You are doing enough, and you are an asset to the team.
  • One of the most common inventory issues is having too much on hand.
  • Overstock of a specific product or too many different products are typical problems.
  • The key is to order based on your practices data for what is being used and sold.
  • If you ask each team member what “low” means, then you will likely get a different answer from each one.
  • It’s critical to quantify what “low” means and based on actual use and sales.
  • Overstock is a common reason for a high cost of goods.
  • Having too much inventory ties up cash that could be used for other resources.
  • Having too many options for similar products or treatments can cause overstocking.
  • Try to understand the true root cause of why you have too much on hand

MEET NICOLE CLAUSEN

Hi, I’m Nicole Clausen and I started Veterinary Care Logistics with the dream of changing the way we manage inventory together.

With 14+ years of experience in the veterinary industry, I have worked in several positions from receptionist to operations manager for several different hospitals.

While no two practices are ever just alike, I noticed one common problem: a lack of inventory management and control.

If you are tasked with managing inventory, I understand first-hand the challenges you face.

When I first started managing inventory, I struggled with the same things that many of my client’s experience: a to-do list up my chin and a pretty persistent case of imposter syndrome. But jolting awake in the middle of the night, wondering if you remembered to order rabies vaccines is no way to live.

I knew something had to change.

Veterinary Care Logistics was born out of the demand by several industry leaders to utilize my inventory system as a model throughout the country. Whenever I tell people what I do, I usually get a puzzled reaction: “Why would you want to do that? I hate inventory!” Truthfully, I love the puzzles, the numbers, and the strategies of inventory. But what really sets my soul on fire is creating lightbulb moments.

New clients who often come to me tell me that they feel like they’re drowning or that they think they’re just not cut out for this. Then once we start working together, putting systems in place, there’s always, always an “ah-ha” moment.

And at that moment, a shift occurs. You know exactly what you need to do. Your confidence rises. And the confusion, overwhelm, worry all begin to melt away like a bad, backordered-rabies-vaccine dream.

These are the moments I live for.

LINKS + RESOURCES MENTIONED IN THE EPISODE

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