Stock Company Management is the process of logging and accounting for the products that your business sells or uses. Stock Company Management involves purchasing, organizing and storage of the inventory in your storage facility, along with recording any changes to inventory. It also involves the preparation of sales forecasts to ensure that your inventory reflects the needs of customers. Stock management can improve efficiency performance, productivity, and profitability.
The right amount of stock is crucial for any business. Too little means you can’t meet customer demand and may lose customers to competitors. Too much and you’ll end up paying storage charges and taxes on inventory that might never be sold.
Good stock control involves regularly checking your inventory and organizing it into categories based upon the value of each item (see our article on how to categorize inventory). It’s essential to ensure you’re not keeping more than you need and that you’re not wasting or destroying valuable items. This can save you money and also prevent theft.
Check your turnover rate to determine how quickly you are selling items. You should purchase more of the items that sell quickly and increase sales with advertising and marketing. You can also cut down on expenses by not ordering or storing products that don’t do well.
Consider investing in cloud-based software for stock management to simplify processes and provide you with accurate and real-time information on your inventory. This will reduce manual labor as well as paperwork and errors. It see also provides immediate stock valuations when you need it. Your company’s peak body, or your suppliers could be able advise on different types of suitable software that can be used to suit your business.
