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Consignment invoice template for Inventory

hi welcome to this whiteboard Wednesday I'm James Shores future Chief marketing officer here at Fishbowl let's talk about Consignment pretty basic principle it's essentially you as a supplier have your goods in another store another small outlet but they haven't purchased it yet so most of the risk is on you but there's a lot of good things that you can do with this as long as you know how to track and manage them appropriately so let's take a look real fast as you as a supplier so let's just as an example it's going to be different for everyone but let's say you kind of have three typical products that you have so you have your basic products it's kind of what you got started with that everyone goes to for then maybe you have a new product line that you're wanting to test out or break out into other markets and maybe you also have kind of your high-end expensive line it's very specific it's perhaps even custom made now one of the benefits of Consignment is let's say you're trying to get into a large chain uh we have a couple customers where they use the same principle of Consignment so that they can help get their product into a larger chain which helps get them into the market get their name out there but then also there's a little more risk on their side and so they have to be able to track these things but by getting that basic product into this large chain they get their name known and they're also expanding their potential Market but then there's also the other side of you might have just individual Ma and PAW kind of stores um the places where it's just local to you and some of them might be specific in their own clientele so you might have a shop or again it's just your basic product that you have there on consignment or it could be a little bit fancier store has a new market that you're trying to Branch out with your own new product line and they want to carry that or there might even be a fancier place in town that sells higher end wees higher end Goods that you can try to sell your more expensive offerings again all in Consignment so here's where the math really comes into play because you need to know how much and where all these products are especially if you're spread across a few different places a few different chains you need to know where all this is because if you're not tracking it odds are they're probably not tracking it as well either so you need make sure with Consignment the whole point is that you can try out some of these new products to get into new markets new exposure um and you can also try to create your own different lines well off also offering different bases of what you produce or what you supply so from the tracking side some really important things to make sure that you are aware of is the agreements that you have between individual stores even the larger chains the agreements can be anything from how long you're going to carry that product till it has to be returned if a customer returns something who pays for that cost if they return a product just because hasn't selling who covers that what is Freight policy all of these things what constitutes a sale and when does ownership actually exchange hands there's a lot of details that can go into this so the important thing is that both parties regardless of who you're working with understand the contract and it also needs to be understood the time periods how long you're going to have product in here before they send it back or before they want to try something else and again finally we need to know how much and where and this is the most important part probably of tracking and the need to have a really good software if you're trying to track all pen and paper you're going to lose count you need to know where everything is when it's been there how long it's been there how much they have you can even have it to the point where you know at what store it's being successful so that you can monitor these things and possibly make even tweaks on your own end of how much you're providing within the different categories and product lines that you may carry all this the whole point is to have good data which is what we keep hitting in hitting on over and over again if you have good data you can make good business decisions and that's the whole point of being able to track with Consignment and making use of a good software that can do this that's this whiteboard Wednesday join us again next week thank you e