Small Business Planning Basics: Track Orders, Stock and Profit

When you start selling, it's easy to keep everything in your head. That works for ten orders, not a hundred. Four simple records make a small business much easier to run.

1. An order tracker

Write down every order as it comes in: the date, customer, item, price and when it ships. You'll never miss an order, and you'll quickly see your best sellers.

2. An inventory log

Track how much of each product and material you have, and set a reorder point. Running out of your best seller in a busy month is an easy sale to lose.

3. A pricing worksheet

Add up materials, packaging, platform and payment fees, shipping supplies and a fair rate for your time. Then add your profit. Many new sellers forget the fees and their own time, and end up working for very little.

4. Income and expenses

Record every sale and every purchase the same day, and keep receipts. At the end of each month, subtract expenses from income to see your real profit.

Review monthly

Once a month, look at your profit, best sellers and slow sellers. Small adjustments to pricing or stock can make a big difference over a year.

Get organized

The Small Business Starter Kit has an order tracker, inventory log, pricing worksheet, income and expense ledgers, and a monthly profit summary. Need invoices too? See the invoice and receipt templates.

This is general information. For tax and legal questions about your business, check with an accountant or your local small business office.

Keep reading: How to write an invoice · How to make a content calendar