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You’ll also need to set aside time afterwards to resolve discrepancies and fix issues. You don’t want any unnecessary distractions that could lead to miscalculated figures, so consider either closing operations down for the day or conducting the take after hours. Before the countįirst of all, decide on a date and time for your count. Generally, these can be broken down into three stages: before, during and after the count. There are a few steps that every business should follow when recording stock. A perpetual system such as Unleashed, meanwhile, should take some of the onus off stocktaking: making the process a little less disruptive. For these companies, recording stock can mean closing for a day or requiring staff to come in after hours. Businesses employing a periodic system, for example, are entirely reliant on stocktakes to get visibility over current levels. The importance of (and disruption from) stocktakes to your business will vary depending on your inventory system.

Change up your pricing to ensure all your products are selling quickly.

Reduce the amount of safety stock you keep on hand in case of an emergency or surge in demand.

Once you know exactly how your inventory control is performing, you can start to refine your procedures and plans to increase efficiency and grow margins. Calculating key metrics such as inventory turnover, for instance, requires 100% accurate figures. When it comes to monitoring the performance of your business, you don’t want to leave anything to chance. Sometimes these are one-offs that don’t cause too much trouble, but they can also be symptomatic of a deeper flaw. Use a stocktake to identify problems that your inventory management system might have missed: such as damaged products, missing orders, poor control or theft.

#TASKBOARD WHOLESALE PALLET MANUAL#

Your system might not highlight a transit problem, for example, whereas a manual check will.

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Dead stock (when your products become obsolete before they can be sold)Ĭloud software enables you to easily track your product levels and location, but it can’t do everything.Overstocking (when you have too many products on hand).Stockouts (when you run out of products to sell).It’s worth fixing issues sooner rather than later before they lead to bigger problems such as: If you aren’t tracking your goods as well as you thought, then it may be a sign that you have poor inventory control. By comparing the figures from a stocktake to what you thought you had on hand, you can identify discrepancies and fix them before they become problematic. Relying entirely on your system for accurate stock levels is usually a bad idea. But even if you aren’t required to do so by law, here are three key reasons why you should regularly check your goods. In some countries, it’s even a legal requirement. UK Manufacturing Report Sector Performance 2020-2021Īny product-based business will need to ensure that their levels are 100% accurate from time to time as a part of their inventory control.

Manufacturing Productivity Guide Learn About Productivity in Manufacturing and How Gains Are Unlocked.Supply Chain Management Guide Learn about supply chain management for modern SMEs.The Modern Manufacturing Guide NEW Practical advice for small & medium enterprises.

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