Daily Archives: July 19, 2017

5 Top Tips for Better Stock and Inventory Control

Stock and inventory control is a tricky part of business to master. While your business remains small it is relatively easy to keep control of your inventory, but as you grow it becomes increasingly difficult to manage. You need to watch out for administrative problems that can affect how you see your stock, and ultimately customer satisfaction.

One of the best ways to manage your inventory and your stock effectively is to outsource your fulfilment to a company that offers a full-service inventory management system. There are also some other tips you can act on to prevent stock mistakes.

  1. Store Stock Correctly  

The way you place your stock on the shelves of your warehouse or product management facility affects how easily staff can pick orders and minimises the risk of mistakes being made. For example, storing products that are nearly identical right next to each other means your products stand a big chance of being mixed up. This is one of the advantages of outsourcing this function – the warehousing space is optimised and organised without you having to worry about it.

  1. Use an Effective Labelling System

It makes a big difference when you can rely on an order slip that gives the correct information, which is accurately matched up to the label on the product in the warehouse. Colour coding and size coding help to make picking and packing the products easier.

  1. Create Reminder Systems for Best Before Dates

Packaging company rules must take into account the best before dates on any products that have these. You need to get a good system up and running that will tell you at a glance when best before dates are due to be reached.

  1. Don’t Make Multiple Mistakes

Make sure that you update your records accurately if you have to send a replacement product to someone due to the wrong order being dispatched. It is all too easy to rush to send a replacement without paying due attention to the inventory.

  1. Set Accurate Minimum Stock Levels

Minimum stock levels will be different for different products since you will have different suppliers with their own lead times. Be efficient when working with minimum stock levels to ensure that you do not risk running out of product. Again, it is helpful if you use an outsourced solution to inventory management as this will have minimum stock levels included as a guideline. You can also manage stock online effectively, and check on different products as and when you need to make sure your inventory is running smoothly.

 

Image courtesy of Stuart Miles/ FreeDigitalPhotos.net