• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Shuriken Consulting

beyond the numbers

  • Pay your Bill
  • Tax Calculator
  • Contact Us
  • About
    • Privacy
  • Webinars
    • ATO Targets Cash Business
  • Services
    • Setup
    • Company Setup
    • Education
    • Finance
    • Insurance
    • Compliance
    • Bookkeeping
    • Tax and Accounting
    • Cloud Accounting
    • SMSF
    • Growth
    • Advice
    • Business Structure
    • Business Valuations
    • Wealth Team
  • Digital
  • International
  • Locations
    • Sydney CBD
    • Hornsby
    • Dural
    • Manly

Andrew Jeffers CEO / March 9, 2020

Everything You Need To Know About Stock Control

Inventory management or stock control, encompasses all the tasks you carry out to keep your inventory in check. Activities like ordering products, storing your merchandise, counting items, and forecasting demand are all components of inventory management.

Having the right products at the right time for your audience is critical in retail. In order to run a successful retail business you’ll need to think about the following key areas:

  • Sourcing products effectively – by tapping into online directories, attending trade shows, and analysing your stock data. Talk to your customers and staff and review your sales data to guide your purchasing decisions.
  • Understanding different inventory techniques – determine the best stock control method for your store and the products you sell. For example, ‘Just in Time’ means you only order when you need something, but it can involve a lot of work with suppliers. Food businesses might be more likely to use ‘first-in, first-out’ method where items that been on their shelves longest, and therefore closer to expiry, are ordered first.
  • Tracking metrics – such as Gross Margin Return on Investment, that will show you how much money you earned on the sales of a product. Stock Turn shows you how many sales within a period, and Shrinkage gives you figures on inventory loss that is not a result of a sale. The more you know, the easier it will be to always have a handle on product movements and sales.
  • Conducting physical inventory counts regularly – to ensure that what you have on paper or in your systems, matches what’s in your physical location.
  • Implementing demand forecasting – by digging into historical data in your product reports and determining how fast products are selling, looking at trends, seasons and talking to customers.

The following guide is a good resource with more information about inventory management techniques and how to apply them to your business. It contains some useful tips on the topics above and more.

 

contact-shuriken-today

Filed Under: Andrew Jeffers, Business, finance Tagged With: Andrew Jeffers, Business, investment, shuriken, shuriken consulting

Primary Sidebar

Recent Posts

  • August 2021 Tax And Accounting News: All You Need To Know
  • Exclusive Probians Offer
  • Tax & Accounting Questions Answered Free for Probians
  • Government support for your business
  • Succession Planning for Small Businesses

B1G1

“Imagine if every time you made a step forward in your business, it had an unimaginable impact on the lives of others…”

Footer

Services

  • Company Setup
  • Education
  • Finance
  • Insurance
  • Bookkeeping
  • Tax and Accounting
  • Cloud Accounting
  • SMSF
  • Advice
  • Business Structure
  • Wealth Management
  • Business Valuations
  • Digital Marketing
  • Shuriken International
  • Events

About

Shuriken is at the forefront of accountancy, providing clients with a broad range of services, coaching and mentoring.

Contact Shuriken if you want to launch or grow a business or if you want to get a clear action plan on how to achieve your financial goals. We can help with benchmarking, cashflow forecasting, payroll and much more.

Learn More

NSW Business Chamber Member

Contact Us

Sydney CBD

T: 1300 886 066 or (02) 9114 8544

Hornsby

T: (02) 9485 3400

Dural

T: (02) 9651 2288

Endorsal

  • News
  • Events
  • FAQs
  • Contact Us
Terms of Use Privacy Policy Disclaimer