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In this Whiteboard Wednesday, James outlines essential inventory management concepts within a 90-second timeframe. He emphasizes sourcing inventory from vendors, either for redistribution or production. Key considerations include inventory location, which can be on-site, off-site, or through dropshipping. James highlights the importance of organizing inventory using Stock Keeping Units (SKUs) for effective tracking and labeling, promoting streamlined operations. He advises dedicating time to set up a clear inventory system to prevent future confusion about item locations. Additionally, he points out the necessity of consistent units of measure, whether in pounds, metric, or ounces, to ensure accuracy in inventory management.
