Stocktaking is so much more than simply totting up what you’ve got sitting in your stock room. Done properly, an effective stocktake can provide an incredibly valuable snapshot of your business at a point in time. This snapshot can then inform your commercial decisions going forward, helping you keep tight control over your bottom line: more important now than ever before.
As prices continue to rise across the board and the UK’s cost of living crisis shows no signs whatsoever of abating, businesses will need to do everything in their power to weather the storm and protect their all-important profit margins.
With that in mind, now is the perfect time to embed some solid stocktaking practice in your business to gather all the data you need to make the very best stock decisions for your staff, customers and bottom line. Start by asking yourself these questions:
How much stock do you actually need?
Your selling patterns and customer demand may have changed significantly over the last couple of years – are you selling more online that in person? Does your demand change with the seasons? Has the cost of living crisis had an impact on your stock levels? An accurate stock take can paint this picture for you, letting you make the right decision at the right time.
Do your staff know the drill?
To get the data you need, your stock take has to be timely, precise and needs experience to get right. Do your team members have the right skills and training to get this right for you? What can you do to support them?
Is the timing right?
It’s just good practice to stocktake at regular intervals to ensure your business continuity but it’s even more important to get a handle on your stock before big events or busy periods.
Do you need some outside help?
Abacus have been supporting businesses just like yours for over 20 years. We have the knowledge and expertise to give your business the stocktaking support it needs – from training your staff to embedding effective practices to taking the worry out of your hands.
Please give us a call on 01637 874609 to see how we could help your business get it right!
