For many small business owners, managing inventory can be a complicated, or even daunting, task. However, having a plan to accurately stock take your commercial goods pays off — literally! This might just be the missing piece preventing your business from reaching its full potential.
Stocktake helps increase your revenue by:
- Keeping track of inventory;
- Checking the efficiency of your ordering process;
- Reducing over or under stocked goods;
- Uncovering other problems, such as issues with suppliers, or theft.
At StoreLocal, we are all about our locals. Your success is our success, which is why we have put together a few strategies to help you achieve your business goals.Here are our top tips for stocktaking:
Understand how often you need to take stock
Conducting a stocktake accurately requires time and focus. This is exactly why many Australian business owners delay or even avoid the task. But, this strategy can solve many issues that are postponing your company’s success.
On the other hand, taking stock too often might also be causing issues. Are you using your time inefficiently by doing stock takes every other week? Perhaps this time and energy would be better directed at finding new suppliers or implementing marketing strategies. Here are a few options for you to consider:
Periodically – That might mean monthly, quarterly or even every six months.
Annually – This option might require a bigger time commitment. This could make sense for your business if you have inexpensive, non-perishable goods, or seasonal selling periods.
Continuously – Depending on your business structure, it might make more sense to stock items monthly, weekly or even daily.
Have your stocktake sheets handy
Whether those are digital or printed, having them as you take stock of your products will help prevent errors and headaches. However, your stock sheets should be the last data entry point. Count what is on the shelves, or in the warehouse, first and then compare numbers with your stock sheets.
Accurate stock-taking requires methodical counting — no estimates or guesses allowed. To avoid miscounts, mark items as you go and remove any sold goods from stockroom counts. Another hack is using logical categories for stock.
Organise your stock
Firstly, map out your products and categorise the existing stock. Once that is done, one tip is to physically group the items and let your stockroom reflect the structure you created. With a system in place, start counting on that basis. However, lack of space and poor product visibility are the most common issues when it comes to stock organisation. Messy or inadequate storage of your commercial goods can also result in incomplete, inaccurate or delayed shipments.
Remember: Managing the right stock is vital to efficient warehouse operations and positive customer experiences. An appropriate storage area allows you to better control your inventory and detect any gaps in your stock levels.
A good idea might be investing in a dedicated storage space. At StoreLocal, we can help you find the perfect commercial storage solution for your business. In addition to secure and clean storage units, our storage facilities have easy access and convenient locations.
Need reliable commercial storage space? Look no further, StoreLocal is here to help!
Find the facility closest to your business.