Stock Management for Hardware Stores is essential for the success of your business. The right ERP software in Australia will enable your Hardware store to efficiently manage and monitor stock.  Stock Management for Hardware Stores highlights areas of your business for improvement in order to become more profitable.

The needs of no two hardware stores are exactly the same however, there are similar reasons why hardware stores need to take control of their inventory. Here are 5 reasons why you should ensure that you have the right stock management software for your hardware store or group of stores.

Uncover theft

An unfortunate reality in business, where you are handling stock, is that theft will always affect your stock take numbers and cause discrepancies. Effective Stock Management for Hardware Stores will highlight how big of a problem this is for your business (or not). But either way you’ll want to know.

Discover additional stock shrinkage issues

Theft is not the only cause of lost stock. A regular stocktake will also highlight problems with damaged stock, unprocessed or missing orders and poor stock control practices. Once these issues are highlighted, action can be taken to improve processes.

Review Product performance

The right stock management software will enable your business to track best-selling products against those that are not performing so well. For example, those that aren’t performing well may need to be discounted in order to sell. Knowing your best performing products will then inform your buying strategy to increase the profitability of your business.

Improve your stock ordering process

As per the last point, effective Stock Management for Hardware Stores will highlight any shortages you have of popular products and the right software will prompt you to order more.

Review your pricing strategies

Stock management software will also enable you to analyse your sales and profits and potentially revise any pricing strategies that aren’t generating maximum profit for your business.