The Biggest Challenges Businesses Face Today.

companies that buy in bulk, closeout process, liquidate merchandise

Every business has faced a unique and unprecedented series of challenges in the last two years. As we head toward 2023, there will be more issues still to come. Here are some of the most pressing for those of us who buy surplus inventory and specialize in closeouts. Liquidation products have become prevalent in the consumer marketplace, and closeout brokers, closeout distributors and overstock buyers will all be in the same boat where the following points will apply.

Identify opportunities to stay flexible in the months ahead. Commit to remote working if you do not need office space. Closeout wholesalers and inventory liquidators can offer employees the choice to work from home to improve satisfaction and minimize risk. Buying and selling closeouts allows you to create alternate and back-up plans for major commitments. Allow time in your calendars for disruption. Improve communication with suppliers to stay up to date with any shortage issues. Remember those weather events and pandemic spikes may cause disruption with little warning. Companies that buy surplus inventory can help you if you have liquidation products due to going out of business or downsizing warehouses. Closeout brokers and liquidators have been especially busy throughout the pandemic due to supply chain issues and strong consumer demand. But as the economy changes and excess inventory builds up, there may be more discontinued inventory and overstock closeouts for sale. Liquidators can be helpful if you are going out of business, shutting down a 3PL warehouse, or experiencing slowing sales. If you have too much inventory in your warehouse you can contact closeout specialists and closeout brokers to help you.

Create a dedicated customer service and satisfaction position if you do not have one. Make it easy for customers and clients to contact you with any queries about liquidation products, closeouts or online liquidations. Set a target for response times to these queries. Prioritize prompt shipping and delivery. Find a courier service that offers overnight delivery of closeouts in your area. Check that they have a good reputation and can guarantee delivery times. Watch your social media channels for any interaction, good or bad.

Businesses of all types are looking at how technology is changing their business. This isn’t about tech businesses—it’s about all businesses. Businesses are asking, ‘how is technology transforming what we do? How is it transforming us internally, how is it changing our clients, and our business strategy? It’s not about a particular function or business or industry. It’s about leveraging technology to make us more efficient, to better connect us with our customers and to drive innovation. And it’s about who are the leaders who can inspire and motivate transformative thinking?” Overstock inventory buyers tend to be “old school”, still operated the same way they did 30 years ago. It’s important to change with the times and keep up with current standards for liquidation products and wholesale overstock products. Closeout websites and other closeout ecommerce companies will blow past you if your company continues to buy surplus inventory that sold well 10 years ago, but customers don’t want today.

Another noteworthy observation is that “developing the next generation of leaders” moves from the number seven ranking among top issues today to the number one issue in five years. Leadership teams are aging today and in five years they’re going to be older still. So it is imperative to start looking at the long-term in how to attract and develop the next generation of leaders. This can be a challenge in the closeout industry because as the older generation retires, there are not many young people entering the industry. In many ways, closeouts and excess inventory buyers are a dying breed. Today’s kids don’t see the surplus industry as very sexy or exciting. Closeouts will always be a necessary evil when running a business, and there will always be a need for closeout brokers and closeout liquidation companies. But the companies that buy surplus inventory today may not be here in 10 more years.

You can’t have a culture of innovation without having diverse leadership; you can’t have a culture of innovation without developing the next generation of leaders; and these diverse, next generation leaders are the ones who truly get digital strategies—all of that is needed to drive digital transformation. Buying liquidation merchandise is a talent that takes years to develop and refine. Excess inventory buyers have often specialized in their industry for decades, but there is not a new generation of upcoming leaders to take over the reigns.

Employers are facing a dramatic turnabout in the talent market. Most companies haven’t been working in a candidate market, and so they expect five people to be interested in their position, and they get to pick which one. They are not ready for the fact that there is only one candidate, and three other firms are competing for that one person including their current employer. Overstock inventory buyers move around from company to company, and they may have experience in different categories. Some buy housewares closeouts or excess inventory of sporting goods, while others specialize in shutting down companies or downsizing and liquidating warehouses.

So what are you—the hiring firm—going to offer this talent to make them want to come to your organization and stay? And how are you going to change your own value proposition to create an environment where people are ready to select you? Employers have to understand that the next generation of leaders have different expectations, and culture matters.” In the old days, closeout buyers would advertise in the newspaper or your could find closeout wholesalers and overstock opportunities at trade shows. Today, a simple online search will put you in touch with the most reliable closeout buyers in the United States. Some search terms examples are: liquidation goods, sell excess inventory, buyers for overstock merchandise, surplus inventory buyers, and closeout liquidation companies.

Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, then get paid (hopefully) 30 days later. In the meantime, you have to pay everything from your employees or contractors to your mortgage to your grocery bill. Waiting to get paid can make it difficult to get by — and when a customer doesn’t pay, you can risk everything. One of the reasons a business may liquidate inventory is to generate quick cash flow. Getting rid of dead stock and turning obsolete inventory into cash is always a good idea, but especially when you need room in your warehouse. Another reason for liquidating merchandise may be shutting down your warehouse or closing your business and shutting down Amazon FBA account.

Nearly every entrepreneur struggles with their budget at one point or another. The key is to prioritize your marketing efforts with efficiency in mind — spend your money where it works — and reserve the rest for operating expenses and experimenting with other marketing methods. Keep a close eye on your money, too: There may be areas you can skim to free up more funds. Unless an expense is absolutely critical to your business and/or represents an investment with an expected return, cut it. Keep a close eye on your closeout inventory and when too much inventory builds up, make a strong effort to contact closeout liquidation companies to get rid of dead stock. One of the biggest mistakes you can make is letting dead inventory accumulate in your warehouse. You need this space for new goods so get rid of the old.

Far too many help wanted ads are incredibly vague in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid. You can save yourself a ton of time by pre-qualifying candidates through exclusive help wanted ads that are ultra-specific in what it takes to be hired at your firm, as well as what the day-to-day work entails. Approach your employee hunt the same way you would approach a customer-centric marketing campaign: through excellent targeting. Explain that you need closeout buyers who can sniff out deals, and individuals who can easily get along with customers, explain the liquidation and closeout process, and help you move dead stock and liquidate inventory.

Create new processes that focus on task delegation. Many entrepreneurs, used to wearing all the hats, find themselves in this position once they’ve achieved a modicum of success. Because you’re doing everything, your growth halts to a stop when it hits a self-imposed ceiling. The only way to break through is to delegate tasks to others to take yourself out of the production end, and segue into management and, finally, pure ownership. Good salespeople can help you liquidate inventory and sell closeouts to free up warehouse space and generate cash flow. If you try doing everything yourself, you may find not enough product gets sold and too much inventory sits in the warehouse.

Merchandise USA’s professional overstock inventory buyers can help you get rid of all your dead stock. We understand overstock inventory for sale and how to buy it. We buy overstock merchandise of all kinds and have been in business since 1984. If you are going out of business and liquidating inventory call us today. If you are downsizing your warehouse or shutting down a 3PL warehouse we can help liquidate.