I am a business owner who has just come out of a huge catastrophe! So, my stores manager unfortunately passed away in a car accident which was a sudden and unprepared for thing. But it happened! And I lost my friend and stores manager who was working for me for almost 15 years. And my business is 16 years. All of a sudden I was left with no one to tell me how to manage my stock and what I needed to do. I had no proper stock holding experience or education, that I was failing and my business was threatened with close down. However lucky for us, I was able to learn a few tricks to stock holding that helped me immensely!
Read below to find out the secrets!
Identify your products
The very first thing you need to do is to identify your products. That is you should sort out what are the products that are fast moving, slow moving and non-moving. You need to know what products should be ordered more and which ones less. So, use a color system to identify the products that should be ordered frequently and make sure to have an emergency buffer stock in all fast moving products and slow moving ones. The difference will be the quantity.
When you are ordering the products, you need to ensure that you are ordering the right products at the right quantities. You need to have a buffer stock (emergency stock) of fast moving products at all times. And you also need to calculate the lead time (the time taken to get the stock) when making the order. You should forecast and pre-order the fast moving products. Only then will you be able to retain customers by delivering their orders on time. You can opt for https://speedyprint.com.au/ of the stock reports to identify the times to order or you can even have an automated system that will sound an alarm.
Keep in mind when ordering products for your business, that some of the products are seasonal products. For instance, essentials will always sell out but when it comes to products like ice-cream. They have better demand during the hot seasons and lower demands in the cool seasons. So if you want to ensure that you have the right amount of stock you need to check if it is seasonal as well. Or you will end up ordering more than what is required! If you are doing cheap brochure printing online you will have more orders during the festive seasons.
Keep in mind that you need to come up with a stock holding system that you are comfortable with. And one that allows you to make the right decisions. It is always best if you can get an automated system done.