If you are in either retail or wholesale or perhaps even both, then stock control should be on top of your list of priorities. It is one of the most important aspects of your business, and it should be maintained well. You need to at all times, be aware of what and how much of it is in your warehouse at any given time. If you receive a last-minute order and need to ship it out, you need to be able to do so efficiently, instead of realising you actually do not have that item and therefore turning the order down. It is unprofessional to do so, and a sure way of losing your customers as well. Keeping an eye on your stocks also helps you monitor when they come in and go out, which contributes to better management. Here are a few reasons why this is important.
MAINTAIN CUSTOMER ORDERS
Turning down customers simply because you do not have the items required at your store, is in poor taste as a business. If you are a start-up, you may as well shut down because customers, particularly first-timers to your store, will expect impeccable service. If you do not have the stocks to help fill the orders, then they will turn to your competitors instead, and never look back. This can be disastrous. Stock control helps you identify how much of what you have left, and how much you need to bring in. There is no use jumping the gun and ordering on metal RFID tags for instance, when you do not have the actual goods.
There is another way you risk running losses aside from losing customers due to lack of stocks: too much stocks. Yes, that is right. You need to maintain a balance between the two extremes. If you stock too much of anything, you will be incurring excess costs. You need more space in your warehouses, more security and more utilities, all of which will cost you, especially if they are not items that move frequently. Though yes you should be prepared for anything, you need to carefully monitor and calculate what you need to keep stocked more of, instead of loading up on everything rather pointlessly.
Theft and other fraudulent activities are a very high threat in environments such as these, so if you are not careful you could be robbed blind. It has happened in the past too, so do not think you will be exempt from it. Stringent protocols and regulations need to be in place, with support from superior security systems. By monitoring your inventory acutely, you will be able to pinpoint even the slightest suspicious activity. You can also make use of options like using a silicon RFID band for instance.
In this fast-paced world, nobody wants or likes to be kept waiting, so as a business, efficiency should be your main concern. Managing your stocks helps you maintain efficiency at all times, since you have the stocks needed, and the labour needed to move them as well accordingly. By knowing how much you are dealing with in terms of inventory on a regular basis, you can assess what your movements are like, allowing you to be better prepared as a result.