The Top 10 Tips to Effectively Store Management and Stock Control
Posted on Apr 09, 2022 at 08:04 PM
Effective store management and stock control are critical factors to the success of your business, whether you're running a small retail shop or a major corporation.
If you don't have reasonable procedures, your company will waste money, become disorganised, and ultimately fail. Here are ten helpful tips to keep in mind as you make decisions about your inventory management systems and policies.
What is stock control?
Stock control, otherwise known as inventory control, shows how much stock you have at any time and how you keep track of it. It applies to every item you use to produce a product or service, from raw materials to consumer goods.
It covers stock at every stage of the production process, from the purchase-delivery phase to the using-Re-ordering stock one. Stock management includes a range of processes, from budgeting for brand new stock lines to tracking items that need to be re-ordered.
Why do we need stock control?
Stock control aims to keep the right amount of products in your business. Your cash flow helps reduce the amount of stuck money in unsold goods. It also helps with your customer service levels, which means that if you don't have too many products in storage, it's easier for customers to find them.
Top 10 Tips to Effectively Store Management and Stock Control:
Even businesses with a few items on their inventory list need to take stock control matters seriously, from wasting time searching for missing items to losing sales due to out-of-stock products. Plenty of reasons exist why stock control is essential for running a successful business.
To help you maintain control over your inventory, weâve compiled 10 tips from the experts:
1- Take Care of Your Warehouse:
When taking care of your store management and stock control, you should ensure that your warehouse details meet your standards.
You should consider your warehouse location, as it must be easy to access, with suitable foot space, and properly designed.
A well-designed space will guarantee you the suitable space for all known operations and activities at your warehouse, whether to store, receive, or load.
On the other hand, a warehouse is dangerous with high fire risk possibilities. An effective fireproofing alarm system should ensure your team and inventory safety.
2- Know Your Best Seller:
Part of the store management and stock control process is making the workflow more accessible and practical. Thus, having easy and quick reach to your best-selling items is critical in saving your labours time.
However, to store better, you need to apply the close-to-shipping rule only to the proven bestseller items and not randomly stock products by the shipping area.
To pinpoint the absolute bestseller, you must check every weekly and monthly selling report to notice and track each brand, item's sale, and supplier patterns. Then you can find out the actual substantial items and adjust your inventory stocking based on that.
3- Train Your Team:
Your workforce dramatically impacts your business store management and stock control process efficiency, with many possible human errors happening in large or small corporation warehouses, affecting business productivity and revenue.
However, providing your team with solid and professional training courses in Dubai is vital in making your store management and stock control process a successful business process. Remember that healthy work and culture means happy employees, thus a money-making business.
4- Specialise in a Space for Receiving:
Receiving goods could turn your store management and stock control process from a doing well process into a disaster just because your team does not have enough space to do all the work properly.
However, devoting a particular receiving office with all the data and information organised and available will ensure an error-free process and a much faster and more efficient one.
5- Add Labels:
With many possible systems that could be used to label the goods, you can find the best suitable solution for your store management and stock control process and the overall process, whether you choose to label by a brand or product type.
Although using labels may include increased work amounts and costs while receiving and stocking products, it will help you manage the work and avoid over-tasking one employee with a lot of working amounts later.
6- Control Unauthorized Traffic:
Whether your warehouse is next to your customers' selling point or in a warehouse area with many workers and trucks moving around with supplies, monitoring the people's traffic is a quality security rule of any strong business's store management and stock control.
This could be done simply with a united vest, t-shirt, or even an ID card to help you minimise the margins of mistakes. This access control aims to lower the rate of physical accidents in the working space because of any wrong movement or action.
7- Track Your Inventory:
You need to track all the products and goods in your warehouse. Moreover, know all the details about it from production date, expiration date, and amount to even where it is stored in your storage space.
This will benefit your store management and stock control process functioning. Furthermore, help you handle the retail process effectively and avoid being stuck with expired supplies, or even stocking unwanted inventory, to have quality identification for all the purchases value.
8- Double Check:
This is a fantastic quality control point for your store management and stock control to avoid any possibility of making mistakes and increase workers' responsibilities for each task.
Although this could be considered an extra working load, it requires a better focus on comparing items, the labels, and the orders to ensure the propriety is delivered to your clients.
9- Invest in technology management:
Although the store management and stock control process is a human process, you could benefit from today's technology to make the workflow organised and faster, significantly since the used information technology in inventory management is constantly improving.
A sound system allows you to monitor all the incomes and outcomes; moreover, you can connect them if your corporation has many warehouses.
10- Stay Organised:
No matter how professional you are in store management and stock control procedures, you should know that it is easy to start with an organised process, yet, it is challenging to hold the inventory storage as you want.
Labels, tracking inventory, double-checking, and providing a daily organising guide and evaluation time for your workers are outstanding solutions to stay organised until your yearly archiving and reorganising appointment.
Eventually,
Store management and stock control is a vital business process for any warehouse, no matter your business's size, that helps your stocking and receiving. Do not ignore your inventory management to end up with a thriving business.
