The End of the Financial Year (EOFY) is when many businesses do housekeeping such as stock takes, clearing out junk and resetting the business. Here is our recommended EOFY checklist:
- Do a stock take.
- Sell off stock that has not moved in six months.
- Audit your computer system data to ensure you are using the software well.
- Check margins to ensure you are earning the most from each product.
- Reset reorder triggers.
- Refresh your employee training so that they make the best use of your POS software.
- Step bak and look at your business as see opportunities for change in the new financial year.
Tower Systems is already helping early adopter retailers with many of these tasks as they started planning for EOFY weeks ago. Our online training workshops are filling up, our free one on one training opportunities are being embraced, our knowledge base advice on EOFY is popular. We are thrilled to see retailer engagement so early.
Big retail businesses make a lot of noise this time of the year for their stock take sales. Small and independent retailers could benefit from getting in early – ahead of the others.