It doesn’t seem particularly long ago that the sight of lorry drivers parked bumper to bumper in Kent filled our post Brexit screens as businesses struggled to get to grips with the new rules. But where are they all now?
Thousands of HGV tests were delayed or cancelled in the last 18 months due to the COVID pandemic which – coupled with many drivers returning to Europe due to Brexit – means there are now some 60,000 lorry driver vacancies that businesses across the UK are struggling to fill.
This shortage in drivers is already affecting distribution up and down the country as well as in and out of some of our busiest ports bringing yet more headaches for retailers. At a time when so many businesses are chomping at the bit to return to full operating capacity, the timing really couldn’t be worse. So, what can retailers do to mitigate against yet another knock?
It all starts with making well informed, early and pragmatic decisions on stock which in turn is only possible with a robust stock checking process.
Make Better Decisions, Earlier
It stands to reason that knowing what stock is sitting where and in what volume, helps you make effective decisions and ensure you’re not only maximising your sales opportunities (by not being over or understocked), but also effectively keeping your potential paying customers happy at the same time.
Get To Grips with Trends
There are no two ways about it – stock delivery is undoubtedly slower right now and will be for the foreseeable future. Understanding what you need to meet customer demand at any given time could not be more significant. Stock taking can give you an accurate snapshot what’s been happening in your business and provide a trend analysis to inform your future stock decisions allowing you to get in there quick when trying to secure an in-demand delivery slot.
Are Your Quantities Right?
It’s more important than ever to keep liquidity in your business account rather than having your capital tied up in stock. Stock taking will ensure you’re only ordering what you know you can sell, you may be able to reduce the amount of deliveries you’re waiting on or the volume of stock you have on order to minimise the disruption of slow turnaround times.
If you would like to talk to the team about getting your processes right give us a call on 01637 874609 or visit https://www.abacusvaluers.co.uk/our-stocktaking-services.