What if we told you that we could reduce your wastage, make your business more efficient and boost your profits all at the same time? That’s an attractive proposition, right? The reality is that all those things can be true – it just takes a little time to ‘take stock’ after a busy period. Here’s how….
There are a few things that happen during a busy period of trading and they’re inevitable for retail businesses of all sizes. The key here is knowing what they are, how much impact they’re having on your business and being able to address them. Stocktaking immediately after a period of high-volume sales gives you that power.
So, let’s get on to what they are:
The pitfalls of higher footfall
If you’ve got physical stores and your sales have been higher, the likelihood is that you’ll have had more people passing through your doors. There are several reasons this can lead to problems with stock counting; people may pick up an item and leave it elsewhere. They might even take it home without paying for it! But, no matter what the reason for your stock being misplaced, the likelihood is that it will be done in higher volumes, giving you a larger problem.
Running an independent stocktake during this period and immediately after will make sure you know what you’ve got and what you need, which means you can sell it! When you sell it you’ll be selling more with less wastage. That’s a win-win.
The pitfalls of seasonal staff or retail turnover of staff
Getting to know and understand a new job at the busiest time of the year is no easy task, so it’s no surprise that mistakes will be made when you consider the volume of people drafted into the retail sector during times of peak demand. Seasoned staff will make errors, but they’re likely to be greater by the pressure placed on seasonal workers.
Regular stocktaking is the key to eliminating this potential margin menace; getting on top of any issues before they become major problems. Just like the pitfall of higher footfall, early identification and eradication of the problem is the key to success, and stocktaking is how you’ll get there.
The pitfall of returns
Buyer’s remorse? Carrying a little winter weight? Unwanted gift? No matter why people are returning items to you, they’ll be doing so in greater numbers when sales are higher. The increased danger of stock loss is simple maths on this one as the item must make an extra journey back to your store, before the additional administration of refunding, restocking, and displaying.
Items do and will get lost when they’re returned. That’s going to happen. How you deal with it, just like the two areas before, is the key to understanding stock levels, and maximising sales and profit.
And just like those other two, stocktaking puts you in full control of that.
Convinced? For more information on how our experienced stocktaking team can help your business, please give us a call on 01637 874609 or email info@abacus.mihiweb.co.uk where we’ll be happy to answer any questions you may have.
