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In this Excel tutorial, Sharon Smith demonstrates how to create a simple yet effective inventory list for managing small business inventory or personal items. She covers the essential columns of data to capture, explains how to apply conditional formatting to highlight items needing reordering, and briefly introduces pivot tables for easier data analysis. The tutorial guides viewers through the process step-by-step. Additionally, Sharon mentions a link in the video description for purchasing a template to save time and jumpstart the inventory creation process.