Are your stock takes accurate? Stocktaking can be time-consuming and very frustrating so we have put together a quick guide to assist you. Please read below for more details.
Accurate monitoring of inventory plays a big part in running a successful business. And stocktaking is a practice that provides significant insight, while it helps you to stay in control of your expenses.
However, there are good and bad ways to approach inventory management. More specifically, stock takes are not always executed properly. This results in conflicting numbers which is not good for business.
As a business owner who is serious about keeping your establishment profitable, take note of these tips on how to perform a perfect stock take in 7 easy steps.
Because when you break it down into manageable sections, there is no reason why a stock take needs to be complicated or even frustrating.
1. Set The Appropriate Dates
Set up a timetable that dates and prioritises stocktake cycles. How often these cycles happen is up to you and your business model. However, always remember that planning is considered half the work.
You need to be organised before the stocktake begins. Otherwise, you run a big risk of watching the entire process fall apart as you go along.
2. Establish What Inventory Will Be Counted
The second step involves closer management of the inventory that needs to be counted. This means paying attention to when new stock is coming in, and whether it will overlap the stocktake.
Usually, this can create complexities, especially on the system you are using. Even with the best equipment and tools, small issues can creep in and disrupt the stocktake.
At the same time, investigate the possibility of damaged/missing/stolen stock.
3. Get The Right Software And Equipment In Place
In order for the stocktake to go as smoothly as possible, you have to be able to trust the equipment you use.
Not only does the best equipment aid with more accurate counts, but it makes everything more convenient and quicker. The last thing you need is malfunctioning equipment during a stocktake.
4. Execute The Stocktake
Step number 4 is one of the harder steps, but it will not be nearly as challenging if the first three steps were followed. If that is the case, it is a matter of biting the bullet and counting.
Remember, the more people involved with the stocktake, the bigger the risk. So, choose counters meticulously if other tools are not used instead.
5. Consider A Double-Count System For Accuracy
It might sound like unnecessary trouble, but planning the stocktake to include a double-count only adds to the accuracy. Alternatively, have a system in place that immediately addresses inconsistencies during the stocktake.
6. Compare The Numbers Of The Count
When the counting is through, you have to take those numbers and compare them to your order/sales statistics. And when these numbers do not add up, it means you are looking at a problem.
Maybe you already know what the issue could be, or maybe you still have to figure it out. Either way, a stocktake can reveal many important things about the business.
7. Take Action If Necessary
The final step is to take action when the results of the stocktake do not look good. For example, are you stuck with too much inventory? Why? Are the orders to high?
In some cases, you might find stock missing, which could imply a fault in the system or even theft.
Some Final Advice
The best thing you can do for your business is to implement regular and manageable stocktakes. And the smaller you can keep the cycles, the more accurate the counts will be.
Then you know the inventory management section is covered throughout the year.
If you would like to know more about the best stocktaking solutions and how the right set of software and point of sale systems could help you, give us a call.
Our team would be happy to discuss your needs and to help you build new, more efficient workflows that will support the best operation of your warehouse or store.
We have the right tools for companies of all sizes and will work to accommodate your business, supplying you with technologies that are tailored to suit your business to help improve your efficiency and accountability.
We are the market leader when it comes to the development of customised and packaged solutions.
This includes Inventory Management, Portable Barcode Readers, Supply Chain Management, Time and Attendance and Asset Tracking to name but a few.