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?”

We 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
  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? can work with you in creating a system that works for your business.

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