If handling your warehouse’s inventory isn’t at the top of list of ways to spend a hot Saturday morning, then don’t worry, you are like 99% of people working in retail.
Managing your stock doesn’t have to be a daunting task – after all, it is one of the integral parts of running a retail business and you need to regularly and consistently keep an eye on what’s happening with your stock if your business is going to achieve success.
Speaking of managing your inventory, there are several questions that you need to ask yourself, which include the following:
Has you stock management worked out as per your plan?
Were the right goods available when required?
Did you face any losses when certain products were out of stock?
Did you incur any loss in cash because of an overabundance of stock?
Now, we completely understand that these questions might have you racking your brains for solutions that can help you change your mundane inventory management system for something that is more manageable.
So, to help you with just that, in this article the team at Plastic Box Warehouse have put together a few tips that will completely alter your approach towards managing your stock.
Tweak your predictions for future sales
Whilst you’re managing your warehouse’s inventory, it is essential that you calculate predictions that are free from errors. So, always ensure that when you’re calculating your estimated sales, they’re done using relevant information and not just an educated guess. Keep things in mind such as current market trends, the present economy, marketing and advertising efforts, promotions, estimated growth and historical sales figures.
Put the FIFO (first in, first out) method to use
You must always sell your products in the same sequential order that they were produced or bought. This is particularly essential when it comes to selling perishable items, such as flowers, make-up products and food.
If you’re a restaurant owner, for instance, then you’ve got to be aware of the ingredients bought before restocking and make use of the FIFO approach to enhance your stock. This way, you can not only ensure that all the products are being used in a timely manner, but you also have good control on restaurant food wastage.
Well, this is one such approach that can work wonders, even for non-perishable products, because goods sitting for a longer period of time can easily become unsellable, damaged or exceed their expiry date.
One of the best ways to go ahead with the FIFO approach in your warehouse or storeroom is to store all your recently purchased products in top quality tote boxes and place them at the back of your stockpiles. This way, you will always use the oldest items first. This approach also helps you make sense of your storeroom layout.
Make use of cloud-based software to manage your inventory
In order to improve your warehouse’s efficiency and reliability, opt for inventory management software that provides you with real-time sales analysis. There are several cloud-based softwares out there that directly connect with your point of sale (POS), automatically adjusting your inventory levels the moment you make sales.
Of course, there’s no denying the fact that the traditional approach of managing inventory has always worked out fairly well. But with the help of these software options, you can easily streamline your supply chain in a cost-effective manner, as they send stock alert mails on a daily basis to let you know which products are out of stock.
Do not miss out on quality control
No matter what industry you’re working in, it’s vital for you to make certain that all the items look good and work exactly how they should, provided you wish to run the perfect warehouse operation.
This can be as easy as having staff who are capable of conducting a quick cross check whilst auditing the stock, including precise product labels and preparing checklists for signs of damage to ensure quality is consistently delivered.
There we have it – our 4 sure-fire ways to properly managing your supermarket inventories. Put these to use and you’ll surely be able to run your warehouse in a smooth and efficient manner. For more guidance on storage solutions that can aid with inventory management, please get in touch with us today.