If there’s one thing businesses have lacked over the past year, many would argue it is ‘clarity’; a clear plan on when they’ll be able to open, how long they’ll be able to open and what they need to do in order to make that happen.
Although we now live in a world of so much uncertainty, clarity can be difficult to come by. However, the roadmap out of lockdown does give some key dates to be working toward, pending any catastrophe along the way, so now really is the time to be making decisions on stock; how much you need, how long it will take and when you will be able to order again.
How much stock do you need?
Every retailer will be in a very different position in this respect; have you sold a lot online? Did you miss the last Easter period? Have you had to make do with less staff which can lead to more errors? Despite all of these differences, one thing is paramount before you start ordering stock; how much do you currently have?
We have always said it’s vital to stock check volumes before a busy period; with the ups and downs of the past year, it’s never been more important, as only then will you be able to make accurate decisions on what you need.
How long will it take?
As if there weren’t enough riding on getting decisions right, timing is currently a massive issue if you import from the EU or overseas. Generally, the ports of Dover and Felixstowe both have large delays and tailbacks, meaning your decisions on stock ordering need to be made earlier and earlier in order to get here on time. When you’re making decisions that far in advance, clarity is not only needed in planning, but also the options you choose to make. Effective stock taking gives you that clarity.
How much do you buy?
At a time when fluctuations are so unpredictable and quick, you won’t want to end up with all of your working capital tied up in stock. That will often mean multiple orders throughout the busy season. If this is the case, you’re still likely to be met with the same delays as you would at our ports.
This again highlights the need to fully understand your stock at all times and the importance of that information in ensuring you make the best possible decisions.
Stock taking gives you clarity at a time you need it the most.
We’ve been helping some of the UK’s leading retailers for more than 20 years. For more information on how we can give your business clarity, please give us a call on 01637 874609.