Stocktaking can streamline your business processes

Stocktaking on a regular basis is essential for businesses with physical products to sell. And this is not just about making sure space is used to its optimum. There are a number of reasons why this underestimated exercise can both streamline internal processes, create a much better experience for the customer and possibly even boost future sales and profits.

Take all market forces into account

To begin with good business is all about buying in stock at the right time to meet demand so an astute manager will be aware of how seasonal and other environmental changes can affect sales. To this end, taking all market forces into account stock can be bought in to meet likely demand. However, these will always just be estimates and in order to perform a good balancing act, there needs to be a track of how much cash is paced in assets. This in turn will help cash flow.

Future orders

As much as we can generally monitor demand, year in and year out, we also have to be prepared for those unexpected large orders. The kind of order that happens for no reason but is essential for the success of the company. So overall a clear idea and understanding of what products you have in stock at any one time means you will be able to order and replace stock whenever needed.

Take shelf-life into consideration

Another benefit from regular stock-taking is you will have the capacity to recognise when stock is going to waste. All stock has a shelf-life of some sort. At one end of the scale for instance there are food products with use-by and sell-by dates; at the other end of the scale you have electrical and digital products which may become redundant very quickly due to the unceasing march and progression of technology.

Use stocktaking to enhance future campaigns

Stocktaking will not only provide informed triggers and boundaries for supply it can also act as a way of prioritising stock. Once you take specifications of stock into account you can minimise wastage and also create new systems which will encourage sales of products which may not be cutting edge anymore but still be of great use to your target market (think: the latest mobile phone upgrade; older models still well through clever marketing campaigns).

Getting your team on board

If there is more than one person committing to the exercise, make sure that each employee is working to the same process. For instance, how will stock that is made up to create a master product be counted? Everyone needs the same commitment: laziness, making estimations or assumptions can sabotage the whole exercise.

Need A Space is based in Canterbury Kent and offers self-storage facilities to the London and surrounding areas such as Faversham, Medway and Herne Bay.