5 Ways to Get Rid of Excess Product Inventory

Did you possibly over estimate your holiday sales and now you have excess product inventory that you need to get rid of? Here are 5 things to try:

1. Do a flash sale for people looking for those after-Christmas deals; but they expect a big discount – at least 40% off.
2. Offer the products to a monthly subscription box service at the wholesale price.
3. If possible, repurpose the products into another product.
4. Package them into a Mystery Box (a hot trend).
5. Offer as a free gift with purchase of another item.

An inventory audit is just one of the business audits I cover in my Strategic Business Planner. I also include pages for doing a brand audit, customer audit, competitive audit, cost audit, sales channel audit, traffic audit, product audit and pricing audit.