Complete a physical review of your Stock holding
Consolidating stock areas together and assess whether there are any product lines that could be overstocked. A good stock audit by a member of our stocktaking team will identify any under- performing and overstocked lines on a regular basis as part of our regular reporting process.
Analyse sales data
This will identify fast or slow-moving stock lines to make informed decisions about future reordering policies. An untidy storage area will nearly always lead to over ordering. Make staff aware of the impact on the business that stock tied up in storage can have….usually unnecessarily.
Negotiate with suppliers.
Returning excess stock or requesting a swap for faster moving lines might be an opportunity to reduce overall stock holding.
Promotions and incentives
Consider running promotions, offers or creating cocktail recipes to encourage customers to purchase the excess festive drink stock. This can not only help reduce your stock holding but could increase sales of higher margin product lines too.
Gifting slow moving products alongside more popular items can be an effective way to incentivise customers and reduce stock. Promotional sales can be monitored for their effectiveness with a detailed stocktake report from our Stocktaking team will quantify the costs….Make sure your Stocktaker becomes an integral part of your operational team.
Check those sell by dates carefully!
Don’t forget to regularly rotate stock, check use by and sell by dates to prevent unnecessary wastage and ultimately creating a loss of profit margins….Before stock become unsellable and results in wastage. Consider offering special offers on late coded items where necessary speed up sales.
Engage the services of a professional!
Our experienced Stocktaking team can monitor your stock control practices, offer advice and recommendations to maintain a manageable stock inventory and optimise your profitability. Don’t wait until poor financial results are declared…act sooner rather than later!
For a dedicated quotation contact Stockcheck now on 0800 028 1875