Stock Company Management is a process to track and record the products that your company sells or uses. It involves getting, storing and arranging the stock in your warehouse as well as recording inventory changes over time. It also involves the preparation of sales forecasts to ensure that your inventory reflects the needs of customers. Stock management can improve efficiency, productivity, and profitability.
Stocking the right amount is essential for any company. A small amount of stock means that you are unable to satisfy customer demand and 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.
A good stock control system involves regularly checking your inventory and arranging it into categories based upon the value of each item (see our article on https://boardtime.blog/what-is-a-companys-duty-to-its-shareholders how to categorize stock). It is essential to ensure that you’re not keeping more than you’ll need and that you’re not wasting or destroying valuable goods. This will help you save money and also prevent theft.
Check the turnover rate of your inventory and find out how quickly you sell items. You should order more of the items that sell quickly and increase sales through advertising and marketing. You can also lower your expenses by not having to order or store items that don’t sell well.
Consider investing in cloud-based stock management software that will streamline processes and provide you with accurate information regarding your inventory. This can reduce manual labour, paperwork and errors. It also gives you immediate stock valuations when you need it. Your industry peak body or suppliers may be able to advise on different types of suitable software to fit your business.
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