Efficient inventory practices are critical to the survival and financial strength of small and medium-sized enterprises, particularly in developing economies. This study examined the influence of inventory management on the profitability of SMEs in Ekiti State, Nigeria, with specific attention given to inventory planning and inventory control. Return on investment was adopted as the indicator of profitability. A descriptive survey design was employed, and the population comprised all registered SMEs within the state. Using the Yamane (1967) formula, 391 respondents were selected as the study sample. Primary data were obtained through a structured questionnaire designed in line with the study objectives and measured on a five-point scale. Descriptive statistical tools were used to summarize respondents’ characteristics, while mean and standard deviation guided the analysis of the research questions. The hypotheses were tested using simple regression analysis. The results revealed that inventory planning (β = 0.837, p < 0.05) and inventory control (β = 0.835, p < 0.05) both exert a strong and positive influence on SMEs’ profitability. These findings highlight the strategic importance of inventory management in enhancing business performance. The study therefore recommends the adoption of systematic planning frameworks, continuous stock monitoring, and improved forecasting practices to support sustainable profit growth among SMEs.