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Stock Company Management is the process of keeping track and accounting for the products that your business sells or makes use of. It involves the acquisition, storage and organization of the stock in your warehouse, as well as recording changes to inventory over time. It also involves the preparation of sales forecasts to ensure that your inventory reflects customer demand. Stock management can improve efficiency performance, productivity, and profitability.
The right amount of stock is essential for any business. Insufficient stock means you won’t be able to meet the demands of customers and you could lose customers to competitors. Too much and you’ll end up paying storage fees and paying taxes on inventory that could never be sold.
Controlling your stock is the process of regularly reviewing your inventory and categorizing it according to its value (see our article on how to categorize stock). It is crucial to ensure that you don’t hold more than you’ll ever need and to ensure make sure you don’t throw away or destroy valuable items. This can help you save money and prevent theft.
Examine your turnover rate to assess how quickly you are selling items. Items that are quickly sold are your top sellers and you should consider ordering more of them and driving further sales by advertising and marketing. You can cut costs when you don’t purchase or store items that aren’t performing well.
Consider investing in cloud-based stock management software that can simplify processes and provide you with accurate real-time data about your inventory. This can eliminate paper work and paperwork while reducing errors and providing you with a real-time stock valuation whenever you require. Your industry’s peak body, or even your suppliers, might be able provide advice on the best software for your business.