Achieving small business stock control is one of those things you know you really should be doing but you haven’t quite got to it yet. Or you’re still using interim measures put in place as a start-up in an effort to achieve small business stock control but just not quite getting there. A bit like trying to get in your 10K steps every day. Not achieving it will be holding you back from reaching your overall health goals but getting there seems like a huge challenge.
It’s the same in business. If you don’t have small business stock control you will find it very challenging to reach your overall business goals such as profit and revenue targets.
What is small business stock control and why do you need it?
small business stock control is about the effective management of your stock or inventory where you’re able to use information from your inventory sheet to provide intelligent business insights that drive business decisions.
When small business stock control is achieved there are many flow-on benefits such as:
- Improved customer service and satisfaction – always know what stock you have on hand and avoid errors such as customers ordering out of stock items
- Theft control – if you have a physical store this is important. You’ll be able to see the number of products you have at any given time so it’s easier to spot when items are missing
- Financial management – automating sales takes a lot of the manual work out of your accounts function
- Efficient supply and demand – long term supply and demand data will tell you which products sell, what you should stock more of (and when) and which product lines you should discontinue
- Product tracking – prioritise your inventory based on high sale items vs those that don’t sell and design your marketing accordingly
For further information on small business stock control give the Foresiight team a call today or check out our leading small business stock control software ProfiitPlus.
