Business owners have already got a million things to think about; whether combating difficult High Street conditions, dealing with staff or just keeping on top of everything, there’s always so much to do. Finding time to do a proper stocktake — and do it well — isn’t always easy, but it should still be a business priority.
According to the British Retail Consortium, retailers across the United Kingdom reported a 1.3% drop in sales in September 2019 compared to the same period last year, setting a new record low for that month. That stat obviously makes for tough reading and heightens the need for businesses to be doing all they can to maximise potential revenue and prevent any losses.
Doing a stocktake on your own is difficult
If sales are low then the temptation can be to reduce costs, for example on external stocktaking providers. However, a stocktake can be a tricky and complicated task to complete internally, so let’s take a look at some of the common pitfalls if you’re attempting a stocktake:
Not giving it the time necessary because you’re busy
Stocktaking does take time to do it effectively and thoroughly, so it’s not surprising that one of the most common errors businesses make when trying to do it themselves is not giving it the amount of time it needs. Can you say that you currently have the time to do your stocktaking as accurately as it should be done? If the answer is no then it’s time to use an independent stocktaker you can trust.
Avoiding having to close for stocktaking at all costs
If you haven’t got time to conduct a stocktake during regular business hours then the obvious answer is to close for a short period in order to get it sorted. Whilst a few lost sales during that period might not seem the end of the world, when combined they may well end up costing you more than using an external specialist, who’ll also be more likely to be accurate.
Not picking the right staff to carry out an accurate stocktake
Whilst it may seem like numbers on a spreadsheet, top quality stocktaking is a skilled process and job; are your employees experienced in conducting stocktakes? Do you have industry leading training and processes in place to minimise errors? If not, the errors that are almost bound to occur as a result can quickly lead to large problems on your bottom line and product availability.
Not knowing what your stocktake results mean
At its simplest, stocktaking makes you aware of what’s in stock and what isn’t. At its best, stocktaking gives you an arsenal of information to maximise profitability; an understanding of trends, availability, issues, stock losses – the list can be endless.
If you’re currently conducting internal stock checks and want to work with an independent provider with a proven track record in supporting retailers for decades then please give us a call on 01637 874609 or email us at email@example.com and we’ll be happy to talk to you about a bespoke solution that really delivers profitable results for your business.