Stock-Taking Success – Your First Step To Higher Profits

If you are a businessman, you should take your stock take seriously, as it can be the determinant between a profitable business and a barely surviving business. A good stock take will give you an idea about how well your business is doing in terms of profitability and meeting its targets. Regular stock taking will also help your Organization reach its maximum potential, as it will highlight issues that could be tackled early on, resulting in the efficiency of business operations. Sometimes your business could lose thousands of dollars, due to lack of proper auditing. This fact should in itself make you realize why it is so important to carry out regular stock takes, as stock loss can become a major issue.

There are trained stock takers who offer stock taking services, who can help you understand your business strengths, and weaknesses and help you interpret data about your company’s turnover and profits. Therefore you should make regular stock taking a part of your business.

A Stocktaking company can offer you a variety of services, from helping you to create inventory reports, and dispense advice on pricing and product control. They can go long way in helping you reduce waste and guiding you to manage your business in a cost effective way.

If there is no solid plan in place for yearly or half yearly stock takes, it can become a headache for many retailers and warehouses at the end of the financial year. This is why keeping track of your inventory on a monthly or weekly basis goes a long way in keeping their inventory management systems up to date. Counting your stocks can allow you to back up your electronic records and help you discover discrepancies in the numbers, so that you can identify theft or damaged stock.

It is a good thing to schedule a stock take quarterly. This will help you to streamline your inventory and manage your inventory. This is also why a physical inventory count is so important. There are four steps you can adhere to in order to do a better stock take. The first is, always plan ahead, so that things can run smoothly during the stock take. Secondly, choose a time when there will be minimum interruption. Thirdly, make sure you conduct the stock take in an orderly manner and in a tidy environment. Lastly make sure you organize the staff appropriately ensuring that you appoint a supervisor at the outset. You should also make sure that you count every item, without second guessing or assuming. You should open and count everything in an unopened box. You should also make sure that you mark every item counted, to avoid redundancy from occurring. If your business is small, you could do the stock take yourself, employing your staff, and the employees who work under you. However, if you have a large inventory, it is better to consult a company that offers stock taking and auditing services. This will certainly help in optimizing productivity while ensuring you accurate information in order to make better operational decisions.

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Written by Linda Bell