The Top 10 Tips For Undertaking Efficient Stock Control

When speaking with business owners I am constantly asked about “what is the best way to manage my stock?”

 

I have compiled a top 10 list of the most important things required for efficient stock control

 

  1. Have a system – do not have your entire stock control system dependent on one staff member. What if they leave? So does your system Have a good EPOS (Electronic Point of Sale) system and know how to use it
  2. Have one person responsible for overseeing stock control – this person will take ownership of the process and is responsible for tweaking the system
  3. Have all of your stock, live, on your EPOS – this takes effort
  4. Have your staff involved in the stock control process – especially when it comes to dealing with purchases, credits, intercompany transfers and non scanning product
  5. Have a stocktaking schedule – at least four entire stocktakes per year so as to tie in with management accounts
  6. Have a schedule for cycle counts – smaller monthly stocktakes of certain departments
  7. Know your shrinkage (unexplained losses through theft, wasteage, breakages etc) – above two points will assist with this
  8. You cannot manage if you cannot measure. See http://stocktaking.ie/the-importance-of-cycle-counts-in-your-business/
  9. The organisations who spend the time on managing their stock have
    1. the best margins
    2. the lowest amount of waste
    3. Act now! Unknown losses can destroy a business if it is not managed correctly

How does your business perform?

Need assistance?

Stocktaking.ie can work with you in creating a system that works for your business.

 

Third Test Blog Post

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus ornare sagittis venenatis. Nunc sed velit nisi, eu iaculis augue. Praesent at libero nisi, id consequat enim. Aliquam nisi massa, ultrices a commodo id, pharetra eu lacus. Donec malesuada rhoncus pulvinar. Praesent adipiscing, orci vitae viverra accumsan, justo nisl aliquet enim, ut dignissim nisl diam in enim. Aenean sed erat odio.

Sed tempor tortor a libero euismod a hendrerit libero suscipit. Morbi rutrum facilisis condimentum. Mauris pellentesque purus sit amet diam malesuada condimentum. Integer quis quam nulla, nec tempor tellus. Curabitur vel quam sed purus consectetur dapibus at vitae dui. Aliquam interdum pharetra dignissim. Praesent dolor magna, posuere non lobortis ullamcorper, bibendum ac lectus. Duis pretium pellentesque gravida. Vivamus in erat sit amet diam faucibus convallis ut a arcu. Curabitur fermentum tincidunt felis, dictum lobortis nunc pellentesque vitae. Praesent laoreet nisl at massa mattis dignissim. Duis eget lorem eget eros eleifend aliquet molestie ac arcu. Sed sed dolor neque, id ultricies dolor.