Stock Company Management is a procedure that explains how an organisation tracks and records the stocks (items) it has purchased or sold. It can include raw materials, work-in progress, finished goods, and spare parts.
The right amount of inventory in your warehouse is essential for meeting demand. Too little inventory means you may miss out on sales opportunities, and excess stock could clog up your cash and increase www.boardtime.blog/what-is-a-companys-duty-to-its-shareholders/ storage costs. The ideal level is determined by analysing your sales forecasts, warehouse and distribution processes, and your suppliers’ performance.
The key to effective stock control is accurately recording and tracking your stock that can be accomplished by hand or with software that links to your point of sale (POS) system or client management software. These systems track and monitor stocks in real-time and alert you to low stock levels before it becomes a problem.
It is crucial to regularly check your turnover rates and search for patterns. For instance, if have lots of products that aren’t selling as well and are tying up your valuable warehouse space, consider not reordering these items in the near future and focusing your efforts on marketing to boost sales of the most popular items. Be aware that any factors beyond your control can affect the overall turnover of your stock for example, changes in supplier prices and difficulties in getting raw materials. Different industry peak bodies as well as suppliers will release reports that focus on these types of fluctuations. You can always consult your business advisor for advice on specific methods of managing stocks.
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