Inventory Control
By effectively managing your inventory you can have the right products in the right quantity on hand and avoid products being out of stock and funds being tied up in excess stock. You can also ensure your products are sold in time to avoid spoilage or obsolescence or spending too much money on a stock that’s taking up space in a warehouse or stockroom.
​Here are some of the techniques that many small businesses use to manage inventory:​
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Use the FIFO approach (first in, first out) to track your inventory, use or sell the oldest inventory items first - this is especially important for perishable items like food and drink.
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Identify low-turn stock. Keep track of what items are selling well and what isn't if something is slow to sell you might want to consider not stocking it anymore.
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Audit your stock. Keep track of your inventory. There are many different ways businesses can choose to do this. One common method for retail businesses is to do an annual count.
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Use inventory management software. There are many different options available, do some research and decide which is the right one for your business.
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Track your stock levels at all times. Every day you should know what your current stock level is, find a way that works for you and your business to keep track for yourself when you need to reorder.
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Staff training. Build trust with your staff, train them on inventory control and tie employee performance rewards to inventory control
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