Running a business is hard work. Not only do you have to worry about making money and providing a good product or service, but you also have to make sure that you’re keeping track of your inventory and making sure that you always have the stock you need on hand. This can be difficult, especially if you’re not used to dealing with stock control. In this blog post, we will discuss eight tips for better stock control in your business!
Track It
Keep track of what you have on hand. This may seem like a no-brainer, but it’s important to keep an accurate inventory of what you have in stock. This can be done with a simple spreadsheet or even just pen and paper. Alternatively, you can make use of some of the best inventory forecasting software to increase your efficiency and help to make your future decision-making easier. Whatever method you choose, make sure that you’re updating it regularly so that you always know what you have on hand.
Is it Collecting Dust?
Know what sells and what doesn’t. It’s important to know which items in your inventory are selling well and which ones aren’t selling so well. This information can help you make decisions about what to order more of and what to stop stocking. You can track this information using sales reports or by simply paying attention to how quickly certain items are selling.
Don’t Overstock
This goes hand-in-hand with knowing what sells and what doesn’t. You don’t want to have too much of anything on hand, because it will just sit there and collect dust. Take a look at your sales reports or pay attention to how quickly items are selling to get an idea of how much of each item you should keep in stock.
Know Your Suppliers
Make sure you know who your suppliers are and how long it will take for them to restock an item. This is important information to have so that you can plan accordingly. If you’re running low on an item, you need to know how long it will take to get more so that you can make sure you don’t run out completely.
Have a Backup Plan
You should always have a backup plan for when things go wrong. This includes having a backup supplier for items that you regularly use. This way, if your primary supplier is out of stock, you can still get the items you need from your backup. It’s also important to have a backup plan for when items are damaged or lost. This could include having insurance on high-value items or keeping extra inventory on hand so that you can replace lost or damaged items quickly.
Stay Organized
This one might seem like a no-brainer, but it’s important to keep your inventory organized. This will make it easier to find what you need and will help you avoid losing track of items. There are a few different ways you can do this, such as keeping items organized by type or by a supplier. Whatever method you choose, make sure it works for you and that you stick to it.
Keep It Clean
This goes along with staying organized. A clean and well-organized inventory is easier to manage and will help you avoid losing track of items. Make sure you’re regularly cleaning and organizing your inventory so that it’s easy to keep track of.
Use Technology
There are a lot of great software programs out there that can help you with stock control. These programs can help you keep track of what you have on hand, what’s selling well, and more. They can also help you automate some of the processes so that you don’t have to do everything manually. Point of sale software is a great example of this. If you’re not using technology to help you with stock control, you’re missing out!
Following these tips will help you get a better handle on your inventory and make sure that you’re always stocked with the items you need. Keep track of what you have, know what sells and what doesn’t, and don’t be afraid to use technology to help you out. With a little bit of effort, you can make sure your inventory is always under control.