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Our business will need a number of specific requirements for operational purposes These requirements will aid in our day to day activities and structure our operations In the following discussion we will address some of the basic questions about how to run a business and what tools will we need to manage our hat shop As a start up business our concern is how we can effectively produce a system that would benefit our operational needs As formulized by our group here are the following requirements needed for the business First we will need to have a system for inventory management By doing this will we be able to keep track of our merchandise How will we go about this The first step is to have each item in the store labeled and identified We will add a price tag for each item and give each hat an item number Providing an item number for each hat would give it its own identity Consequently we will need a cash register that can store such information about the inventory When ringing up the item we will not enter the price of the hat but rather the item number and the price will automatically appear on the screen along with the name of the hat By being able to identify each hat we will know which hat has been sold and which of those are still in stock Knowing what is on hand versus what has been sold we can now have a system for ordering When a certain item has been sold and has been selling more popularly we will order that item and probably order more of it if the demand has exceeded the projected supply But to manage our inventory and to reorder them we will have an end of the month inventory count This will help us gauge if we have exceeded our company budget on inventory purchases and if we have too
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