Stock Company Management is the process of tracking and accounting for the goods your business sells or uses. Stock Company Management involves purchasing, organizing and storage of the stock in your storage facility, along with recording any changes to inventory. It also involves preparing sales forecasts to ensure that your inventory matches customer demand. The management of your inventory can improve efficiency, productivity, and profitability.
Having the proper amount of stock is essential for any company. Customers could be turned away if you have too little stock. If you have too much stock, you could end up having to pay storage costs and taxes on items that aren’t going to be sold.
Stock control is a matter of regularly examining your inventory, and categorising it based on its value (see our article about how to categorize stock). It is important to ensure that you don’t hold more than you’ll need and to ensure that you don’t dispose of or destroy valuable items. This can save you money as well as help protect yourself from theft.
Examine your turnover rate to assess how fast you’re selling items. You should order more of the items that sell quickly and increase sales through marketing and advertising. You can reduce your costs if you don’t order or shop for items that aren’t doing well.
Consider investing in cloud software for stock management that will simplify processes and provide you with accurate information about your inventory. This can eliminate the manual work and paperwork, reduce errors and provide you with a real-time stock valuation whenever you require it. Your industry’s peak body or your suppliers could be able to provide advice on the various types of software that is suitable for your business.