28 Oct 7 simple steps to make stock management a breeze
Don’t rely on intuition when it comes to managing your stock. It’s important to get stock management right, otherwise you risk losing out on potential sales or having too much stock you can’t sell.
Luckily, there are systems and strategies to help you keep track of your inventory and increase your profits from product sales.
Read on to create a winning inventory management plan, and how Centaman’s Stock and Inventory Management System can help make this easier.
Step 1 – count your stock automatically
Forget manually counting each and every product on your shelf. The easiest way to keep track of your stock is to do it automatically! Centaman lets you instantly see your stock levels for each and every item, at any given time. This will save your team hours of their precious time, especially when stocktake time rolls around.
Step 2 – watch your stock levels
Checking your retail sales records regularly is a great way to figure out which products sell well and which are slow to move off your shelves, letting you over- or under-order. With Centaman, you can set up minimum and maximum replenishment levels for the each of the products you sell, based on past sales data over specific time frames.
Step 3 – focus on your top-sellers
The next step is to figure out which products are most profitable for your business, so you can put more energy into selling them and increasing your overall profit. Centaman lets you see your gross margins at a glance, in the Top Sellers report. Equipped with this information, your staff will be better able to upsell and promote products.
Step 4 – get rid of old stock
If you have unwanted stock piling up and gathering dust, try to create an action plan to move it as soon as you can, so you can replace it with a product that will generate profits. Try running a flash sale using email and SMS marketing. If you still can’t sell it, why not donate it to charity!
Step 5 – create smart policies
If you don’t have a manual detailing all of your financial procedures, now’s the time to create one. Make sure you include all the details that will make your life easier, such as a schedule for when stock should be ordered each week. This will help your team manage your stock for you, and keep track of product levels to prevent any mysterious disappearances.
Step 6 – negotiate with your suppliers
No matter what size your facility is, it’s important to negotiate a good deal from your suppliers. Avoid volume discounts unless you’re reliably selling large volumes of an item. Try to negotiate for smaller and more frequent deliveries to smooth out your cash flow and let you order less stock more frequently. This will reduce stock quantities, save money and improve liquidity without hurting your sales.
Step 7 – anticipate upcoming promotions
If you’re not running regular promotions on your retail stock, you definitely should be! Retail promotions are an excellent way to complement any promotions on classes you run throughout the year. When planning out a retail offer, always check that you have enough stock on hand. Make sure your team mentions the promotion to your customers, and spread the word via email, SMS and posters placed strategically around your venue.