Stock Company Management is the process of logging and accounting for the products that your business sells or makes use of. Stock Company Management includes acquiring, organizing and storing the stock in your storage facility, along with recording any changes to inventory. It also involves preparing sales forecasts to ensure that your inventory accurately reflects customer demand. The management of your inventory can improve efficiency as well as productivity and profitability.
The right amount of stock is essential for any company. Too little means you can’t meet customer demand and may lose customers to competitors. Too much and you’ll be paying storage fees and taxes on inventory that may never be sold.
A good stock control system involves regular checks of your inventory and organising it into categories that are based on the value of each item (see our article on how to categorise inventory). It’s crucial to ensure you’re not keeping more than you’re required and that you’re not wasting or destroying valuable items. This will help you save money and stop theft.
Review your turnover rate and observe how fast you are selling items. Items that turn over quickly are your most popular sellers and you should consider purchasing more of them and driving more sales through marketing and advertising. You can lower your expenses in the event that you don’t store items that aren’t selling well.
Consider investing in cloud-based stock management software to streamline processes and give you accurate real-time data about your inventory. This will cut down on manual labour and paperwork, reduce errors and provide you with a real-time stock valuation whenever you need it. Your industry peak body, or your suppliers, might be able to give advice on the most suitable software for your business.