stocktaking is boring! so why do i make clients do it anyway?
Stocktake is a word that always gets an immediate, negative reaction from clients when I mention it! I totally understand why, I vividly remember painful hours counting individual screws at my part-time job at Placemakers when I was a young uni student. It’s not fun and it can be time consuming. However, there are ways to make it easier, and of course a pizza and beer reward afterwards always helps! So in spite of the groans I get, here are some of the reasons why I recommend clients do regular stocktakes:
cashflow
Your cashflow is incredibly important and you don’t want to be spending money buying 10 boxes of something you actually already have hiding out the back. It’s also costly to you to have money tied up in stock that’s sitting in storage. That money could be much better spent on your bills, upgrading your tech or even taking a holiday!
Identifying Theft
It’s not fun to think about but it does happen, and regular stocktaking is one way to identify where theft might be happening and also acts as a deterrent. If you’re counting your stock regularly it’s easy to see and track discrepancies in stock levels.
Wastage and spoilage
If you’re not on top of your stock control, your stock has a much greater chance of spoiling or being damaged before you can sell it. Wastage happens, but regular stocktakes are a great way to help reduce it. It’s so disheartening to spend your money on something that ends up being thrown in the bin!
profitability
Stocktaking can help give you valuable insights into your stock levels and consumption patterns. You can then use this information to negotiate better terms with suppliers, ensure timely deliveries, and avoid stockouts or excessive inventory. All of these little improvements can save you time, money and ultimately improve your profitability.
Stocktakes are not everyone’s idea of a great time for sure, but used in conjunction with other stock control processes they can truly have an impact on your business if they’re done right.
