Thomashodge's blog

 When running a retail store, the stockroom of your business is just as important as the store layout. You may spend tons of hours and resources designing the perfect storefront and layout, but the results will never be optimal without good stockroom organisation.

A well-managed, organised stockroom helps to improve your store’s efficiency in serving the customers. It also reduces the risks of stockouts, overstocking, and theft – saving you from monetary loss.
If you’re on board with that, follow these practices to organise your retail stockroom for success.

One of the biggest mistakes many small businesses make is taking inventory management lightly. Small business owners prefer to manage their stocks manually for various reasons, such as saving money, not wanting to leave behind the traditional method, and thinking that their inventory isnÕt high enough to warrant a system.
Despite the rising demand for retail inventory software over the past five years, only 18% of small businesses use it. If you belong to 82%, itÕs time to reconsider!
The Problem with Traditional Inventory Management

Whether you’re running a small or large business, having efficient inventory management is the key to rapid business growth. With proper inventory management, you get to deliver products to customers on time and meet the market’s demand — boosting your sales and overall shopping experience.
That said, managing inventory is not an easy task. Let’s take a look at some of the most common problems that occur in the supply chain.

One of the most common mistakes businesses make is overstocking. This issue occurs in both small and big companies. Despite seeming like a good idea, having too many stocks in your inventory does more damage than good.

Any  business that sells physical goods must be familiar with inventory  management. It is the process of ordering, storing, and tracking a  business’ inventory. Inventory management governs the flow of raw  materials, components, and finished goods — from stock purchasing to  sale — and makes sure all the stocks are used effectively and  efficiently.
 

If you are running a stock-based business, doing a stocktake regularly and correctly is essential. Having updated knowledge of the stock levels held in the inventory helps to avoid over-stocking, prevent stealing, and identify damaged or misplaced stocks. Proper stocktaking also lets you detect slow-moving or dead stocks and reconsider your pricing strategy. In other words, stocktaking highlights any issues within the warehouse processes.

Any business that deals with physical goods must be familiar with stocktaking. The process involves counting the items in your storage facility and cross-checking the results with the numbers on your records. Some businesses conduct stocktaking once a year, while others do it on a monthly basis.

In this fast-paced world, businesses will not survive without proper inventory management. Having too little or too many stocks in hand can result in revenue loss, which dampens your business’ growth. The best way to maintain your inventory’s health is to conduct regular stocktaking.