The document outlines 7 tips for effective inventory management: 1) Place accurate purchase orders with suppliers and ensure goods received match orders to provide better customer service. 2) Immediately update stock levels and allocation upon goods receipt to maintain an accurate picture of availability. 3) Use allocation to reserve stock and prevent overselling. 4) Implement gamification to drive quality data entry. 5) Establish strong processes from the start and review for improvements. 6) Time new sales channels appropriately after refining inventory basics. 7) Regularly review performance metrics and plan inventory intake based on seasonality.