Save Money By Taking Control Of Your Stock
Published: 1st Nov 16
Category: Money
Save Money By Taking Control Of Your Stock
Few people find regular stocktaking interesting or enjoyable, but it’s an absolute must if you don’t want to lose money.
Luckily, there are ways to make taking control of your stock an efficient and relatively pain-free process. But first, remember why good stock control is so vital:
• It avoids amassing perishable items and ‘dead’ stock which is off-trend, or only sold during another season.
• If you understock you will lose business, but an overstock can increase your storage costs and leave you without space for items that are in demand.
• Cash flow is another reason to keep a careful eye on your stock levels. The goods may eventually sell, but the money you’ve paid for them could be needed elsewhere, now.
So, what are the basics of effective stock control?
Audit regularly
Be wary of making your stock take just an annual event – discrepancies are much harder to resolve and the sheer volume of work is disruptive. Think about breaking the count down into different product categories and tackle them regularly in order to give you a monthly total.
Mark them up and map it out
If you can’t tell what a product is just by looking at the box, then you will save a lot of time by labelling shelves and packaging as part of your daily routine. Draw a clear map of where everything is so you can plan your stock takes logically.
Train your staff, then treat them
Tell your employees exactly what you need them to do and how to do it. Once the counts are underway, offer them drinks, snacks and some praise to keep them motivated. Enthusiastic staff are more likely to be focused and therefore less likely to make mistakes.
Take advantage of technology
Don’t waste time with double entry – if your software has stocktaking features, use them. Transferring written information from notepads to your digital records is pointless if there’s a way to just zap the data there.
If you’re struggling with taking control of your stock, Virgate Accounts can help you to get everything in order and keep track of your goods. Contact us to find out more.
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