Small business stock control is something that many business owner’s and operators strive for. But why is it so important? Recognising the reasons why is often what drives businesses to take action to achieve small business stock control. Let’s take a look at the reasons why small business stock control is so important and the impact that it will have on the success of your small business.
Quantities – knowing your stock levels, that is what stock is ready to be replenished, when to buy it and how much to buy is crucial for business success.
Tracking – understanding where individual stock items are at any given point in time will mean that you are less likely to run low on desired items. As a result, you will have satisfied and more loyal customers who will return to your business again and again.
Shelf-life – stock items will fluctuate in value, and certain stock items that are perishable or seasonal, can influence how you manage your stock. Knowing this is essential.
Holding costs – to achieve small business stock control you’ll need to take into account the associated costs of holding stock, such as warehousing, insuring and shipping or freight. Work out how much stock you need to hold and don’t hold more than you need to.
Value – understand which stock items make the most gross margin and focus your efforts on the sale of these stock items to increase your profit margins.
Ordering – ensure that you know your best-selling stock items and your slow moving stock items to improve your ordering strategy.
All of this and more can be achieved with the right all in one business management software for your small business.
Take control of your stock. Call the Foresiight team today for further info on ProfiitPlus our market leading all in one business management software.