If you run a business, large or small, stock control is a logistical problem that you are likely to encounter. You need to find the most effective way for your company to manage its stock, but you might be unsure how to go about doing this. Here are five easy to follow tips that if implemented will hopefully improve your business’s inventory management.
Discount Old Stock
If you find yourself with old stock left in your warehouse or stockroom, you may be struggling to come up with ways of getting rid of it. The stock is still obviously an asset for your company, you paid good money for it so you can’t just throw it away, yet it’s taking up valuable space in your stockroom. The best idea is the simplest, discount the item in question in the hope that you can shift the units quicker. Although your profit margins on the stock will be slightly smaller, you will have freed up that space in your warehouse for new stock which might sell better.
Invest in Inventory Systems
Organisation is the key to any successful business, so in this case you might want to think about investing in some inventory control software to help your company run more smoothly. The best thing about inventory control software is that it does most of the difficult work for you. Good software will allow you to merely scan through barcodes to register your stock. It will also begin to tell you when you need to re-order certain items, as well as provide you with feedback as to how quickly different items you stock are moving.
Designate an Inventory Receiver
This is especially relevant if you run a small business. As easy as it may seem to just allow the person who is nearest to the door to sign for a new delivery, this leaves everyone confused as to what stock has been delivered and when. Designate the job of inventory receiver to one of your staff, one of their tasks will now be to always sign for and make a record of any deliveries that come in. This way, if anyone has a question about stock, they’ll know exactly who to go to and better yet, your inventory receiver will always be able to answer their questions.
Manage your Levels of Stock
You need to find a good balance between having enough stock to supply your customers comfortably, whilst not having so much that you’ll find it difficult to shift. Only keeping the bare minimum in your stockroom might be cheaper and require less space, but you become very dependent on the reliability of your suppliers. Don’t take any chances; find a happy medium so you’re sure you can serve your customers well.
If you haven’t already, you need to devise an easy way for your staff to locate certain stock within your warehouse or stockroom. Keeping particular items of stock in a fixed location will allow your staff to find what they’re looking for quickly and efficiently. Keeping your stock organised in a logical manner also means that any new employees shouldn’t have too much trouble discovering how your warehouse works. What this also allows you to do is begin to map out your warehouse, creating brilliantly efficient stock system for your staff.