Seven valuable reasons small business retailers should not wait for the end of the financial year to do a stock take

Gone are the days when retailers needed to do an annual stock take. Now, with smart technology, there are valuable reasons for not waiting, for undertaking custom and spot stock takes throughout the year. Here are out top seven reasons retailers should not wait to do an annual stock take.

  1. You discover theft sooner. In many retail businesses, shopper theft is isolated to a product category and / or specific location. Target this and get hard data to guide your actions.
  2. Better manage the labor cost. Using downtime in quiet shifts is more cost effective than bringing in a team for a stock take.
  3. More accurately order. Order based on accurate on hand data.
  4. Achieve a valuable connection with your online store. Your online store needs accurate on hand data. Spot and custom stock takes are vital for achieving this.
  5. Have more accurate financials. Account for shrinkage as the year goes rather than in end of year financials.
  6. Educate staff. Knowing what is being stolen or damaged on the shop floor from spot or custom stock takes in sections of the shop can help you better inform staff.
  7. Sell more. the more work staff do on the shop floor the more they will sell.

There are many other reasons stock takes in bite-size chunks through the year are better for independent small business retail outlets. This list is our top seven based on years of work with thousands of retailers.

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