Efficient stock management is a fundamental feature of running a successful business. Unfortunately, many business owners fall into the trap of using outdated technologies and tactics to handle this aspect of their operations, or don’t keep track of stock at all. If you are one of them, read on.
Are stock management problems distracting you from other important business tasks? Or maybe inaccuracies have left you having to tell customers that the item they ordered isn’t actually available?
Either way, you need a stock management strategy that encourages efficiency of time and money while simultaneously protecting the integrity of the brand and providing a convenient solution for your staff.
So how can you develop a better stock management solution for your manufacturing or retail business? Try these tips:
- Be sure to always separate the different categories of inventory (raw materials, unfinished products, finished goods, in-transit goods, etc.)
- Choose a CRM software solution that streamlines inventory and order fulfilment processes with automated tracking and finance integrations.
- Work with a CRM that allows you to monitor the situation across multiple devices on a 24/7 basis.
- Take the time to train all relevant staff members in using the CRM and set company-wide standards and protocols.
- Be sure to track all relevant data for inventory, including barcodes and details of suppliers or lot numbers.
- Reject the option to place automated repeat orders with vendors. Handle reorders yourself to maintain good stock levels at all times, and keep an eye on customer pricing changes.
- Use the “80% of your profit should come from 20%” of stock and prioritize the inventory that falls into this category.
- Select CRM management tools that offer visual tracking of all items, allowing your team to identify issues ASAP.
- Take the time to analyze suppliers as effective stock management isn’t solely about internal matters.
- Complete regular audits. This could be weekly, monthly, or quarterly depending on your business model, but it must be done to ensure stock management processes are being followed.
Read Blog: Internal Stock Controls
Okay, so maybe your business needs a new CRM system?
If your stock management processes are currently causing a lot of headaches, it’s likely that inadequate tech tools are at the heart of those issues. The big question is how do you know which CRM is right for you?
Flowlens is priced to suit small businesses like yours while it can also evolve alongside your company. Crucially, the features ensure that all of the stock management elements above can be optimised for efficiency.
Can you really afford to keep persisting with outdated methods that negatively impact everything from revenue to inventory organisation and order fulfilment? The answer is probably not.
So, how can your company regain control?
The fact that you want to improve your stock management processes shows that now is the time to make things happen. Do you have multiple working in the stock management aspects of your company? If so, any improvements must focus on building a cohesive team.
Nonetheless, choosing the right CRM software will make the transitional phase a lot smoother. Moreover, establishing those protocols that combine advanced tech with easy methods will support any future employees too.