Stock Control Frees up Your Capital

Capital is one thing that most businesses do not have enough of

. This is especially magnified if you don't have the right stock control or inventory control in place. Before going any further, stock control is the ability to know how many stocks you have in your inventory and how many you should reorder. Having control over your inventory need not be done manually. There are a lot of retail software that are available in the market nowadays and it does free you up from manually doing the inventory.

Although you need to have every item encoded in your inventory list POS or point of sale, this need not be done manually because as almost all products now have bar codes in their packaging, all you need to do is to scan the item's bar code and then encode the necessary details like number of items received, when it was received among others. If these orders are on consignment, then you would need to include details such as when the unsold items need to be returned and when you should pay your supplier for it.

Inventory Control is also a great way to be aware of what products that are in your inventory are not really hitting enticing the buyers to buy. This information will lead you towards having a clearer judgment as to what to order next and what you shouldn't order again. People in charge of your stock control should be made accountable into giving you updates every now and then but even if they don't give it to you, you can still view your inventory control by using the POS terminals in your store.

Saving money is every business owner's goal. Apart from profit and the bottom line, savings should be given equal importance.Of course profit and the bottom line is a must because you are going into business to improve your quality of life and those who are working for you and around you. And one of the great things to do to improve your profit margin is when you learn to have full stock control as this will help you plug the holes that are keeping you from saving money in this aspect.

Inventory control plugs the holes because by automating it, you will soon discover and realize which part of your inventory is not working. Take for example stocking out. When you run out of supplies and these are supplies that are fast selling, then you are obviously going to lose out in your sales. If you do the opposite and order a large number of the stocks that you don't need, then you are going to lose money as well. Balance is the key if you want to have full stock control.

Learning to find the right balance in your inventory control can only mean one thing, that you are managing your business as well as you should. From ordering the correct number or stocks to order and ordering it on the right time so that there is a steady flow of products to everything else, stock control has something to do with it.

Stock Control Frees up Your Capital

By: Boris Morris

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