HOW TO MAXIMIZE YOUR PROFITS: FROM WAREHOUSE MANAGEMENT TO SELLING A HOME

Written by Jaron Clinton

There are two ways to increase your profits, increase revenue, or decrease costs. Unfortunately, your warehouse isn’t creating any revenue for your business, but maybe there is a way you can increase your profits by decreasing costs in your warehouse. An efficient warehouse is essential to maximizing profits. These tips could help you achieve greater profitability.

Clean and Organized

This seems obvious but everyone needs a reminder every now and then. Having regular checkups to make sure everything is organized can save on waste and won’t let you become behind. Making it known to your warehouse staff that organization is important will create a culture of organization and make it easier to stay under control.

Equipment Maintenance

Your equipment is one of the most important aspects of your warehouse. Without your equipment very little product would be moved. Making sure that your equipment is functioning at its optimum level is important to maximizing your efficiency. Poorly functioning or out of service machines decrease your productivity. Maintenance schedules can help alleviate the costs that are associated with neglected or poorly maintained equipment. Making sure the moving parts of your forklift are lubricated can decrease the stress on the machine and increase the life of the machine. If your warehouse uses an electric forklift, making sure your battery is healthy and being charged correctly.

Effective Communication

Transparency between managers and floor workers can make sure everyone is working toward the same goal. Consistency in communication is important for organization and cuts down on misunderstandings. By effectively communicating with employees you ensure everyone knows what they are supposed to be doing and therefore maximizing efficiency.

Allowing floor workers to address issues with managers is a large part of effective communication. Floor workers are the first to know of problems and ways to improve the process. Allowing them to freely address their ideas with managers can be a great way to improve your warehouse.

A Robust Training Program

Better trained employees are more efficient employees. More training also creates a safer warehouse. Every year there are 94,000 reported forklift accidents, every one of them cost time and money. Every accident avoided is time and money saved. Investing in training is a smart way to improve your warehouse.

Outline Career Growth

Employees that have a feeling of control over their career are more likely to be motivated and engaged in their work. Giving them the opportunity to learn and improve can keep them interested in their job and motivated to work hard. Providing them with the tools to prosper will help them take pride in their work, have better output, and better customer service.

Measuring Key Performance Indicators

One of the most important pieces of improving your warehouse is collecting data on your Key Performance Indicators (KPIs). Industries differ and use different KPIs, it is very important that you know what yours are. Once you have evaluated your warehouse and determined the KPIs that accurately portray the health of your warehouse, you need to put a system in place that will measure them. Schedule meetings to evaluate them and make sure everything is on track.