Small business retail advice: steps to successful stock management

Retailers using our POS software have access to a deep and wonderful suite of advice on how to use the software to the best advantage of the business and those who rely one it. Here is an example of business management advice we provide. This one is on SIMPLE STEPS FOR SUCCESSFUL STOCK MANAGEMENT IN RETAIL

Small and independent retail businesses too often lose stock through inadequate processes.  This simple, practical and free to implement advice seeks to reduce the opportunity for stock to be lost and mistakes to be made.

1. Always receive stock into a consistent location in the business set aside for the purpose.
2. Check boxes as they arrive. Only sign for receipt if the box count is accurate and the boxes are not damaged.
3. Only move stock from the receipt / arrival location once the contents have been checked and counted, entered into your computer system and are trackable with a barcode you add or that is already on the product.
4. Scan everything you sell
5. Scan everything you return to a supplier as damaged or returned for some other reason.
6. Scan out everything you write off or throw away.
7. Do spot stock checks (a mini stock take) regularly to determine if there has been shop floor theft. Use the right gear to make this efficient and accurate.
8. Order using your computer system as this will soon highlight employee or other theft.
9. Stock should only ever be in the business in one of four locations:
   1. Goods inwards.
   2. Goods outwards: returning to a supplier, going to charity or going to trash.
   3. On the shelves in-store.
   4. On the shelves in the storeroom or warehouse.

The most important advice in this list is having locations set aside for goods inwards and goods outwards and strict processes in place for handling goods into and out from these locations. Get this right and you will find inventory more under control.

Tower Systems is committed to helping small business retailers to get more from their POS software experience than is usual. We leverage our own retail experiences to help our customers way beyond what is usual.

All Tower customers have access to this advice and more.