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Implementing Stock Control in your Venue

We are all aware of the importance of inventory management and implementing stock control in your venue, that’s a given. Some businesses are still doing stock control with simple pen and paper methods, which can be incredibly time consuming and often lead to mistakes.  So using your Point of Sale system to manage your inventory can be a huge benefit to your business.

But we know it can be an overwhelming struggle to get it implemented into your point of sale system.  That’s why we have broken down the steps that need to be taken so you can make use of this highly regarded feature of your POS system.  

Organise your Stock and Store Room

This is a great opportunity to organise and sort out your stock, especially when you have a storage room that may be a little out of control and cluttered. Once you are completely organised, counting stock levels should be a tad easier.

At this point you will need to disregard any stock figures in your system that may of been added as half heartened attempt at stock control.

During the counting process is where detail is of the utmost important.  If you are a retail store and stock shoes that come in a variety of colours and sizes, you do not want to count the stock as one figure. You would want as much information on the product as  possible, so from a reporting and order perspective you will always know exactly what is on hand.  So this is where you would have to count how many red pairs there are and how many in each size. It may seem so overwhelming but the pay off will be more than worth it.

These details will help you to pinpoint high selling colours, varieties, sizes etc. And this is so important to shop owners who may have limited cash flow, you don’t want money tied up in products that move too slow.

Implementing Stock Control in your Venue

Count Exisiting Stock Levels

The next step to having full stock control over your entire inventory is to perform a  stock count. And while counting stock is a super tedious process, it is an absolutely necessary evil, that can not be skipped passed.

At this point you will need to disregard any stock figures in your system that may of been added as half heartened attempt at stock control.

During the counting process is where detail is of the utmost important.  If you are a retail store and stock shoes that come in a variety of colours and sizes, you do not want to count the stock as one figure. You would want as much information on the product as  possible, so from a reporting and order perspective you will always know exactly what is on hand.  So this is where you would have to count how many red pairs there are and how many in each size. It may seem so overwhelming but the pay off will be more than worth it.

These details will help you to pinpoint high selling colours, varieties, sizes etc. And this is so important to shop owners who may have limited cash flow, you don’t want money tied up in products that move too slow.

Enter these figures into your system

Now for the next fun part in implementing stock control, entering your stock levels into your POS system.  This isn’t that hard to complete, just requires a little time.

For a full guide on doing a stocktake head over to this page.

You can look to manually enter your stock numbers by using the products description or searching for the SKU that relates to the product.

Regardless of how you choose to input the data, taking the time to properly put your counts into your system is high priority.

Automate your Inventory

After you have established the correct stock counts within your system you can now look to implement automations that will help to decrease the number of out of stocks at your business.  This will mean you won’t have to wait until your stock count reaches zero before reordering.  Want to read more on other ways to avoid out of stocks at your store here.

The impact of out of stocks can be overwhelmingly negative and with competition high, businesses can not afford to risk customer satisfaction.

So looking to use your system to set up automatic prompts that will tell you when a particular item reaches its low threshold can be a huge benefit. And with counts all correct

Although implementing stock control in your venue can be a time consuming task, in the long run it has many benefits.  By using your Point of Sale system to manage stock levels, you can save time and always know your stock levels at a glance.

To keep your stock levels relevant in your POS system from here out, you just need to enter purchase orders and receive as the stock comes in! Your counts will automatically update and when a sale is made as well.

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