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.