As a business owner, be it retail or a warehouse, you often wonder, do you need to give attention to your stock takes? And the answer to this in every aspect would be a big yes! Whether you are an old survivor in the business world, or have just started your work, you need to keep a regular session of your stock takes without fail. More than average shop and business owners consider frequent stocktaking as a headache, and don’t bother to give it any time. But, what’s crucial in a progressive business is, carrying it almost daily!
Stocktaking involves physical counting of your stocks and matching it with your inventory records in your POS system to avoid any kind of theft or discrepancies. But for a smooth stocktaking and being updated with it, you need to have upgraded and compatible POS systems in Australia from POS iSales, which offers an all-round solution for your inventory and sales needs, and provide easy to handle and secure POS system for your business.
What Makes Stocktaking Extremely Important?
A difference in your manual stock count and the electronic records acknowledges about a range of problems, and helps you deal with it to ensure improved stock control and management. This ultimately leads to better profits in the future. With stocktaking you can highlight control issues and areas your business needs to improve in. Here are some reasons as to why stocktaking is extremely important for greater profits:
1. To Reveal Theft and Cheats
It’s an unfortunate reality of most retail business that thefts and shoplifting are common issues. And more sad part of it is that even the staff sometimes cheat you. If you are manually stocktaking daily and comparing the same with your POS system inventory records simultaneously, you get the hang of the missing items; and thus, it helps you become more alert about such issues. Also, If your staff know that you are stocktaking regularly, they'll avoid such a step altogether, and with improved security in this matter and even shoplifting can be avoided.
2. Discovering of Additional Stock Keeping Issues
Not only you can avoid loss because of theft in your shop because of stocktaking, but also it helps you discover various problems in your stocks. It may be damage to the stock, some stock material that expires with time, or any other breakage issues and much more get unveiled by daily stocktaking. You can look into the matter that is causing the damage and in this way you prevent a huge loss from happening to your business.
3. Helps in Selling Your Products Better
With stocktaking, you understand which of your products have been lying on the display and shelf since long. You can slash the prices or put up a sale and sell those products before they go out of trends or expire. This prevents a lot of damage to your stocks.
4. Improve and Reorder Your Stocks
With regular stocktaking, you’ll get to know if some items aren’t as good as they sound. Though the same may be present in your POS inventory records, you may suddenly be aware that you have to improve the same by ordering one of better quality, or it’s finally getting over and you’ll need a new stock up. This helps in delivering better customer satisfaction from your side.
5. Getting an Idea about Your Business’ Financial Targets
In case you get to see some huge discrepancies in your figures, you may not be well aware of your financial goals. It’s therefore good to find this out so as to readjust with your expenses. Better check your stock daily, and find out about the same earlier than get a nasty surprise at the end of your financial year.
6. Reviewing Pricing Strategy
With stocktaking, you can easily monitor the difference between carrying out a stocktake of your purchase prices when you stocked up with your recent purchase prices. Through this you can monitor and track the price fluctuations in the market and its direct impact on your margins.
We know you would be stocktaking twice or thrice annually or in every new season. But, now proved as per the above reasons, you’ll understand the need of stocktaking at least weekly, if not daily!