Stock Company Management is the process of keeping track and accounting for the products your business sells or makes use of. Stock Company Management includes acquiring, organizing and keeping the stock in your storage facility along with recording any changes to inventory. It also involves the preparation of sales forecasts to ensure that your inventory reflects the demand of your customers. Stock management can lower costs and improve efficiency, productivity and profitability.
Stocking the right amount is essential for any business. Customers could be turned away in the event that you are carrying too little stock. Too much and you’ll end up paying storage costs and taxes on inventory that will never be sold.
Controlling your stock is the process of regularly examining your inventory, and categorising it according to its value (see our article on how to categorize stocks). It is crucial to ensure that you don’t keep more than you need, and that you don’t throw away or destroy valuable items. This can save you money and stop theft.
Examine your turnover rate and find out how quickly you sell items. You should buy more of the items that sell quickly and increase sales through marketing and advertising. You can reduce your costs in the event that you don’t store items that aren’t selling well.
Consider investing in cloud-based software for stock management that will simplify processes and provide you with accurate data regarding your inventory. This can eliminate paperwork and manual labor to reduce errors, and provide you with a real-time stock valuation anytime you require it. Your company’s peak body, or your suppliers could be able to provide advice on different types of suitable software to fit your business.