The Benefits of Stocktaking
Sep 29 2017
Carrying out a stock take has many benefits. These benefits include;
- Analysing gross profit
- Determining shrinkage
- Meeting business targets
- Analysing product performance
- Finding flaws in pricing strategies
- Analysing Gross Profit
Knowing your gross profit for each period will provide deeper insights into the positives and negatives. It will also help you to understand and have an idea on how the gross profit can be increased in the future.
- Determining Shrinkage
A massive threat to many companies is theft of stock, stock that is damaged, orders that are unprocessed or missing, and poor stock control practices. Stock takes that are carried out on a regular basis will highlight these problems allowing them to be dealt with.
- Meeting Business Targets
If you find some major discrepancies in your numbers, you may not be on track with all your financial goals. It’s better to discover this sooner rather than later and readjust your forecasts while you can.
- Analysing Product Performance
It’s easy to lose track of which products are doing well and those not so much. A stocktake will put this into focus for you. If you have large numbers of a product that has been on the shelves for months, it’s a good indication that it’s not popular and that you may have to cut the price and let it go or just reduce shelf space.
- Finding Flaws Pricing Strategies
The best time to analyse profit and sales is after a stocktake is. You can then make changes to pricing that isn’t generating enough profit.
Synergy Stocktaking carry out stocktakes all over Ireland. Click here to find out which representative is covering your area!
For queries regarding stocktaking, don’t hesitate to get in touch!
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