With just a couple of weeks remaining until the start of the school summer holidays, now is the start of one of the most exciting times for tourism businesses across the country. No matter if you’re a shop in a perfect coastal location or a go-to visitor attraction, people will arrive at your doorstep in their droves, hopefully spurred on by wall to wall blue skies and warm temperatures.
If you’re a tourism or seasonally-focussed business, what should you be doing in order to make sure you’re in the perfect condition to take full advantage of the opportunities the summer months bring? Here’s our guide to putting your ducks in a row when it comes to making sure you’ve got exactly what people want to buy…
If you haven’t got it, they definitely won’t buy it
Stocktaking can be something you often think about once you’ve started selling. How much has been sold? How much have you got left? In reality, having a stock check before the start of any period of heightened sales is also vital. The reason for this is simple; if you haven’t got it, you definitely won’t be able to sell it!
Having an understanding of your exact stock position before a busy period ensures you know exactly what you’ve got to sell, when it’s available and where it’s available.
KEY ACTION: Conduct a stocktake before any busy periods
Avoid growing gaps in perceived stock levels and real stock levels
A stocktake can seem like the last thing you want to do when you’re busy, but small problems can often grow into larger ones over time, and stock is no different. Conducting regular stocktakes throughout busy periods ensures that you know exactly what is selling and where. Only when you know this will you be able to make sure that the best-selling items are always in stock and those items that aren’t selling quite as well aren’t building into larger piles in your warehouse or shop.
KEY ACTION: Conduct regular stocktakes to ensure you are able to maximise the availability of popular items and avoid excess levels of stock in other areas.
Make sure your staff training is always clear
You may be surprised to hear that one of the most common causes of stock loss is human error; we’re all human so we can all make mistakes from time to time. A great way to tackle this, particularly for tourism businesses who may employ large numbers of seasonal staff at certain times of the year, is ensuring that staff are well trained and supported during their period of employment.
Just like conducting a stocktake, staff training does take time, but it can be a massive benefit to your bottom line.
KEY ACTION: Make sure that seasonal staff are well trained and supported throughout their time with you.
Addressing shoplifting and theft
Shoplifting and theft is the most common cause of stock loss in the UK, costing retailers more than £2 million every day. Before significant numbers of new customers come charging through the door this summer, make sure you have effective procedures in place to challenge shoplifting. No matter if it’s through shop layout, the employment of security, or installation of CCTV, being proactive in preventing crime can also have a big impact on your potential profits.
KEY ACTION: Be proactive in tackling shoplifting and ensure regular stocktakes are undertaken to identify any missing stock.
We’ve been working with a wide range of tourism businesses across the country for more than 30 years. For more information on stocktaking for your seasonal business and how it can help to increase your profits, please give us a call on +44 (0)1637 874609 or email info@abacusvaluers.co.uk
