Why Is Stock Control So Important?
- Free cashflow
- Increase sales
- Increase profits
- Improve customer service
- Nurture customer loyalty
- Increase your bottom line
There are still SMBs out there who are not in control of their stock. Arguably, control of the business begins with control of its stock. Knowing what will sell and you making sure it is available equates to higher turnover. More sales, increased revenue, cash flows where it is needed, and business can grow.
Perfecting your stock control means sales, turnover and profits rise and your bottom line looks more impressive. Working as a content writer for a small business, I was asked one day to have a go at placing an order. I asked about the existing system to see how many of each item sold, no such thing existed. Straight onto the EPOS system and within a short space of time I had a pretty impressive spreadsheet; sales, quantities in stock and a column waiting for my magic numbers. It grew, quickly, and in spite of the hope this would not become a permanent fixture in my job description, I was soon ‘all over it’. I forged great relationships with the suppliers who loved the massive growth in sales.
Enter Ms Dunklin, Queen of Stock Control, the role remained mine, along with many other roles. I had that stock running like a well oiled machine, I was spotting trends, predicting seasonal changes and creating growth. It seemed so obvious to be offering the items that people wanted to buy, making sure we had them to sell, all year round. Equally as obvious, the items that didn’t sell were no longer ordered. Crucially, I focused the offering to ensure it was ‘on brand’, the products were a perfect representation of the brand. While the website grew from strength to strength, the retail outlets performed better than ever and profits grew. It wasn’t difficult, it took time and attention but the results were HUGE.
I knew the stock, the suppliers, the customers; my system brought everything together in perfect synchrony. The website and the retail outlets carried precisely the right amount of stock, that part was nailed down. By now, I was also responsible for buying. I found new suppliers and new products to increase the range, widening the audience, experimenting, discovering, it was fun. Customers found all they were looking for and more, the website was an exciting place to be and more people came along for the ride, every day. Record sales, record results, giving the company every chance of success by plugging every hole in the boat, leaving the owner with the job of plotting the course and steering the boat.
Be warned! It’s not a perfect solution, If you have just one person with this vital knowledge and and you lose them, your business is in a precarious position. Sharing the load as well as sharing the knowledge will stop you finding yourself stranded if you lose that ‘font of all knowledge’.
Stock control is the foundation to success, it isn’t difficult, but it does require time, attention and someone who cares. It was a great pleasure to care so much about this business and I take pride in the results we saw during my time there. Fundamentally, I am a content writer, the content writing and every written communication were my responsibility too; now that’s another article…