Let’s chat about something we’ve all struggled with at some point – keeping tabs on stock. Whether you’re running a business or just trying to keep track of your collection, knowing what you have and where you have it is essential. Here’s your no-nonsense guide to stock management.
What is Stock Management?
In the simplest terms, stock management is about knowing what stuff you have, where it’s stored, and when you’ll need more. Think about it: If you’re selling something, you want to ensure you’ve got it on hand when a customer fancies buying it. Plus, no one wants to be that bloke who overorders and is left with a mountain of unwanted stock.
Types of Stock
- Raw materials: The basic bits and bobs you need to make your product.
- Work-in-progress: The stuff that’s midway through the making process.
- Finished goods: The final product, all ready to go out to customers.
Why Bother with Stock Management?
- Keep the customers happy: Always have what they want when they want it.
- Just the right amount: No over-ordering or running out – it’s about finding that sweet spot.
- Save your pennies: Storing loads of stuff you don’t need can cost you big time, especially if it’s perishable.
- Boost your cash flow: Less money tied up in stock means more in the bank.
- Stay on trend: Keep things moving so nothing goes out of style on your shelf.
- Efficiency is key: Modern tech helps you keep track without the headache.
- Make smarter choices: When you’ve got the data, you can confidently make the big decisions.
- Haggle with suppliers: Know your needs, and you can get the best deals.
- Plan ahead: Know your busy times and prep for them.
- Avoid the dreaded stockout: Nothing’s worse than running out of your best sellers.
Tips for Stock Management
- Look to the past to predict the future: Check out your old sales data to see what’s coming up.
- Do regular stock checks: Keep things accurate by hand or with tech.
- Keep a safety net: Have some backup stock for those unexpected rushes.
- Stay fresh: Especially with stuff that goes off – always sell the oldest first.
- Get stuff as you need it: No need to hoard, get stock as and when.
- Know when to reorder: Don’t wait until you’re out of stock.
- Embrace tech: Trust me, it makes life easier.
- Be tight with your suppliers: A good relationship can get you better deals and faster restocks.
- Ditch what doesn’t sell: Free up that space!
- Watch your numbers: Check how things are going regularly with key metrics.
Tools of the Trade
Consider investing in warehouse management software. It’s like having a mate in the digital realm who’s got your back. It keeps tabs on all your stock, tracks orders, and gives you the info on sales.
Solid stock management is your best mate, no matter the size of your operation. It saves you money, keeps customers chuffed, and makes life much easier. Want some tech to back you up? Check out Clarus WMS. It’s top-notch for sorting out your warehouse needs. Fancy a closer look? Book a demo with us!