3 ways poor small business stock control is costing your business

Small business stock control is something that you know you should be better at right? For most business owners, as their business grows they understand that they need to implement inventory tracking software or all-in-one business management software  to properly gain control over their stock. However, it’s often put in the “too hard” basket or on the list of tasks to complete later. So what is the true cost to your business when you’re unable to achieve small business stock control?

Overstocking

Over-ordering on stock results in costs for your business to store and transport stock that you don’t need. It can also result in damaged or deteriorated stock (the longer that stock is stored the more likely it is to get damaged) and devalued stock where stock is seasonal or fashionable at a given point in time. Overstocking can result in the need to heavily discount products in order to get them off your shelves or out of your warehouse.

Lost sales

If you don’t have the right stock available for customers within their required time frame then they will go elsewhere to purchase the product. Perhaps a competitor who has achieved small business stock control or a larger competitor brand. This hits your bottom line hard in the form of lost sales. However, if you are not tracking the value of unfulfilled orders you will have no idea just how much this is impacting your bottom line.

Inability to forecast

How does accurate forecasting enable small business stock control? Without inventory tracking software or all-in-one business management software business owners rely on guess work to try and figure out how many units of a certain product they’ll move within a certain timeframe. And to the points above this can result in both overstocking and lost sales.

For further information on inventory tracking software to achieve small business stock control take a look at Foresiight’s flagship all-in-one business management software ProfiitPlus.

Auto spare parts stock management to grow your business

If you run a small business that handles auto spare parts, either as the core of your business or a subsidiary of it, you’ll know all too well the complexity involved. Having a sophisticated auto spare parts stock management process in place is absolutely essential. If your current process involves spreadsheets and manual data entry, it is likely that your business has already outgrown this method of auto spare parts stock management or it will very soon!

When the systems and process that you have in place start to inhibit your business growth, it’s time to look for some better solutions. Solutions that will enable your growth and future proof your business.

For any small businesses handling physical stock, efficient small business stock control is essential to avoid both over-stock and outages and to reduce carrying costs. The most effective way to take control of your stock is with stock management software (also known as “inventory management software”) the is customised to your industry and your business.

Small to medium sized businesses, as well as larger organisations invest in inventory tracking software to fulfil a variety of functions. These have a positive impact on their bottom line to grow their business and include:

  • • Maintaining a balance between having too much and too little stock
  • • Tracking stock between locations
  • • Receiving items into a warehouse, other site or location
  • • Picking, packing and shipping items
  • • Keeping track of sales and stock levels ay any given time
  • • Reducing the risk that products become obsolete (that is they can’t be sold) impacting sales and your bottom line

At Foresiight, we specialise in auto spare parts stock management. Grow your business with our market-leading software ProfiitPlus, your inventory tracking software solution.

What’s more, ProfiitPlus fully integrates inventory, accounting and point of sale into an all-in one business management software solution.

Read more on choosing the right inventory tracking software for your small to medium sized business.

Automate Your Online Business

ecommerce

AUTOMATE YOUR ONLINE BUSINESS

Online trading is becoming an integral part of many traditional bricks and mortar businesses, but often this brings with it the burden of manually maintaining stock information and sales transactions in multiple systems.  An online sales channel should increase your revenue and customer base, not your work load! ProfiitPlus and Alchemii can be linked to your online store with our purpose-built eCommerce Interface module.  Automatically publish stock information to your website including descriptions, pictures, pricing and inventory levels.  Once a customer purchases a product online, a Web Order is automatically created in your ProfiitPlus or Alchemii system, ready for your staff to pack and send.  No more double handling of data – keep your inventory up to date and keep your customer accounts and purchasing history all in one place. Contact Us today for more information!