14 Dec
Having an accurate real time inventory of your stock levels is vital to your businesses success. Your profits depend on knowing your stock well; if you’re not sure how much stock you hold you run the risk of losing out on opportunities to maximise your sales.
This simple six-step plan can help ensure you keep an accurate inventory and pave the way to greater efficiency and success in your business.
1. Accurate Stock Level Reporting
Having accurate stock level reporting makes it less likely you will run out of stock. Keeping your stock level up to date on a real-time basis allows you to set a minimum stock level so you know when to order more stock in. Make sure you have a system in place to enable real time reporting – ideally using up to date IT solutions.
2. Highlight Slow Moving or Non-Moving Stock
Up to date real-time stock reporting allows you to highlight any stock that is slow moving or non-moving and free up valuable resources. When you know which stock is slow or non-moving you can update your sales strategy and implement plans to put this stock on sale or decide not to carry it any longer.
3. Improve Warehouse Efficiency
No one wants to waste resources and space storing stock that isn’t selling. You can dramatically cut costs and improve warehouse efficiency by ensuring your reporting is up to date and regularly pruning stock that isn’t selling well. Ensuring you know which stock does sell well and the optimal levels of it will also help you keep your products moving as efficiently as possible.
4. Better Customer Relations
Having accurate stock levels allows you to plan ahead – so you don’t get caught out if there is a shortage or your customers can’t access the products they want. Don’t give your customers a reason to go to your competitors by running out of stock they want, or being unable to fulfil orders quickly and efficiently.
5. Improve Your Account Processing
An accurate and in-depth knowledge of how many orders you’ve sold and how many products you’ve bought will enable you to keep up to date with your account processing. Purchase sheets and sales ledgers are far easier to keep track of with effective stock reporting, allowing your staff to streamline work processes and save time and money.
6. Effective Quarterly and Annual Stock Takes
Having your sales ledgers up to date and using real time stock reporting makes it a lot easier to complete your quarterly and annual stock take, without the need for additional work. At Meteor Space we offer a Client portal system that gives you full access to your stock. Features include full stock listing that can be imported to Excel, a booking system for your own shipments, stock history reporting and much more!
