Dr Maxwell Ampong talks about Inventory Turnover Ratio on this episode of ‘Entrepreneur In You’

Our Inventory Turnover Ratio is a powerful tool that helps us understand how efficiently we manage our stock. It measures how many times our inventory is sold and replaced over a certain period. By tracking this ratio, we can identify trends in product demand, optimise our ordering process, and reduce holding costs. A higher ratio indicates that our products are selling quickly, which is a positive sign of strong sales and efficient inventory management. Vice versa, a lower ratio suggests that our inventory is not moving as fast, which could indicate overstocking or reduced demand. By monitoring and adjusting based on this ratio, we can ensure our business remains agile and responsive to market needs. Join Dr Maxwell Ampong on ‘Entrepreneur In You’ for more insights! Catch the train on Mondays & Thursdays at 8:00 PM on JoyNews Prime & DStv Channel 421 and on Thursdays at 1:00 PM on Joy99.7FM. This initiative is supported by GCB Bank PLC. #Inventory #InventoryTurnover #InventoryTurnoverRatio #Sales #Demand #EntrepreneurInYou #JoyNews #JoyFM #Entrepreneurship