8 reasons why stock management should be top of your to do list
Stocktaking is a pain in the backside. You know it, we know it, everyone knows it.
Stock taking can be frustrating – but it doesn’t have to be!
But it doesn’t have to be that way. With the right planning and preparation – and the right software, of course – it can actually be pretty straightforward.
We’ll be following this up with a much more in-depth guide to stocktaking at a later date (try to contain your excitement!), but first we wanted to whet your collective appetites with a reminder of why it’s so very important to get your stock management habits right in the first place.
Reduced waste. Sounds obvious, but you’d be amazed how much money waste, well, wastes, in your business. By wasting less, you’re spending less, so it makes sense that it should be a priority
Increased profits. Waste less – sell more. But good stock management, combined with analysis of stock sales, means you know margins you’re making on what products, helping you to get the stock levels right of more profitable items and scale back (or reprice) the things that don’t make much money.
Effective stock management has a big impact on the profitability of your business
It’s a massive priority throughout the whole industry, and what you stock plays a huge part, from where you’re getting your supplies from to how much is wasted and how it’s stored and transported. Keeping on top of your stock is key to the whole process.
Better service. Great reputations are hard won and easily lost, so having your finger on the pulse of what stock you have available where lies at the heart of providing a top notch service for your customers.
Streamlined logistics. Everything from regionally grouped deliveries to faster interbranch sharing of stock is all part of great stock management. Having an overall view of what stock is held where throughout your business or business group allows for efficiencies in the supply chain without increased risk or compromised service.
Regular stock management makes even the most mammoth task into an achievable reality
Save time. So much time is wasted on arduous, manual stocktakes each year – but if you’re set up with an ongoing, integrated stock management system, you always know what’s where, and you avoid those awful weekends of dawn-til-dusk yard checking. Keeping stock management front of mind all the time means it’s never a terrifying prospect.
Keeps your finger on the pulse of your business. If you’re relying on quarterly stocktakes then you won’t have an accurate picture of how your business is performing in real time. Using an ongoing, accurate, instantly-accessible stock management system means you know exactly what stock you have, what your overheads are, and where the potential opportunities and gaps lie.
Never miss a trading opportunity. How much could your business grow each year if you could take every opportunity that comes along? Every business misses out from time to time, but great stock management will give your business the edge, in terms of service, availability, negotiation power and so much more.
So there you have it. Eight reasons why stock management should always be top of your to do list – or at least near it!