In business it’s essential to always be one step ahead of your competitors. Whilst entrepreneurs can spend millions of dollars trying to implement cutting edge technology and techniques into their business in order to do this, it’s often simple changes that can have the biggest impact.
Take inventory for example, an essential part of any product orientated business, and yet many businesses have not invested in the storage space or the organizational systems needed to optimize this area to its full potential.
Here are a few ways in which businesses could improve their stock management offering.
Invest in additional storage
The more space for stock a business has, the more stock it can hold and sell. That’s as basic as it gets, but in the spirit of getting back to basics, it’s a point worth going over.
Having stock on site enables a business to itemize, package and deliver products quickly and efficiently. It also means you lower the chance of third-party supply chain errors, by controlling the majority of operations yourself.
By installing new storage facilities or adapting older structures such as shipping containers, into stock space you help take control of your inventory.
Modernize your POS (Point of Sale) system
Understanding exactly what products are selling well and what products aren’t, makes all the difference when it comes to replenishing stock and ensuring you’re making as much money as possible.
Modern POS systems allow data collected from the customer checkout stage, to be compiled into reports, revealing which areas of the country are purchasing which items and at what times. This is not only invaluable for calculating stock to replenish but can also give direction to your business’ marketing efforts.
Carry out regular stock-taking exercises
Digital systems are incredibly accurate in 2020, however it’s worth carrying out a regular stock check to ensure the data you’re being fed marries up to the realities of the warehouse. This can help avoid any potential anomalies which could cause delays or disruption.
Stock taking is also good for checking the conditions of the warehouse and making sure that no products have been damaged during their stay in storage. Whether there is a leak or perhaps a damaged shelving unit, it’s best to catch these incidents as soon as possible in order to minimize disruption.
Review staff procedures
Human error causes a lot of damage to stock in warehouse scenarios. Almost all of this damage is accidental, however a lot could have been avoided if proper protocols were put in place.
Shadowing employees every so often will give you a first-hand view of how things operate on a day to day basis and allow you to take notes and enact changes to procedure. Perhaps better training is needed, or maybe equipment? Finding out there is a problem is the first step in putting in place the solution.
Read Also: 6 Tips for Improving Business Efficiency
