You don’t need us to tell you that stocktaking is a vital part of managing any business, but let’s face it, it’s rarely as straightforward as it seems! Whether you’re on your first or 1000th stock count, it’s really easy to fall into a few traps that leave your data wanting. And inaccurate data is not your friend. Don’t panic, we’ve got you covered. Let’s take a look at some of the most common stocktaking mistakes and how you can deftly dodge them to produce useful, usable data rather than a big old headache!
- Skipping the Prep Work
The Mistake: Diving into stocktaking without a game plan is like baking without a recipe. Total chaos.
The Fix: Before you start, gather everything you need—pens, notepads, scanners, and inventory sheets. Make sure your stockroom is organized and free from clutter. Clear labelling is your best friend here. Spend some time setting up, and your future self will thank you.
- Not Counting All Items
The Mistake: Overlooking items hidden at the back of the shelf or those in transit.
The Fix: Be thorough! Check every nook and cranny. Remember to include items on hold, returns, and anything in transit. It might take a bit more time, but it ensures accuracy.
- Ignoring Discrepancies
The Mistake: Spotting discrepancies and sweeping them under the rug.
The Fix: Address discrepancies head-on. If the numbers don’t match, investigate immediately. Is it a counting error, theft, or an accounting mistake? Find out and fix it. Regular checks can help nip these issues in the bud.
- Using Outdated Technology
The Mistake: Sticking to pen and paper in the digital age.
The Fix: Embrace technology! Modern stocktaking apps and barcode scanners can save you tons of time and reduce human error. They’re user-friendly and make tracking inventory a breeze. Plus, they often integrate with your accounting software. Win-win!
- Lack of Training
The Mistake: Assuming everyone knows how to conduct a stocktake properly.
The Fix: Training is key. Ensure your team knows the ins and outs of stocktaking. Hold regular training sessions and refreshers. A well-informed team is efficient and less likely to make mistakes.
- Rushing the Process
The Mistake: Trying to rush through the stocktake to get it over with.
The Fix: Slow and steady wins the race. Allocate enough time for a thorough count. Rushing increases the chances of mistakes. Break the task into manageable chunks, take breaks, and stay focused.
- Not Double-Checking Counts
The Mistake: Relying on a single count.
The Fix: Always double-check. Have a second person recount or verify the numbers. Cross-checking ensures accuracy and catches any errors that might have slipped through the first time.
- Poor Record-Keeping
The Mistake: Sloppy or incomplete records that lead to confusion later.
The Fix: Keep detailed and accurate records. Note down everything—dates, item descriptions, quantities, and any issues encountered. Good record-keeping makes future stocktakes smoother and helps track trends over time.
- Overlooking Safety Protocols
The Mistake: Neglecting safety in the rush to count stock.
The Fix: Safety first! Ensure your team follows all safety protocols. Clear pathways, use ladders properly, and handle heavy items with care. A safe environment is a productive one.
- Not Reviewing Processes Regularly
The Mistake: Sticking to the same old process, even if it’s inefficient.
The Fix: Regularly review and update your stocktaking processes. What worked a year ago might not be the best method now. Stay flexible and open to improvements.
Stocktaking doesn’t have to be that onerous. Sidestepping these oh so common errors and getting your processes in place will help your stocktake run smoothly and – most importantly – get you accurate information you can use in your business.
If you need a little help getting your stocktake just right or training your teams, the team at Abacus can help. Give us a call on 01637 874609 or email the team on book@abacusvaluers.co.uk to chat to us.
