Any business that deals with physical goods must be familiar with stocktaking. The process involves counting the items in your storage facility and cross-checking the results with the numbers on your records. Some businesses conduct stocktaking once a year, while others do it on a monthly basis.
The growing role of technology in the business sector, particularly in the stocktaking area, influences the birth of stock and inventory apps. Advstock Inventories supplies this need with cutting-edge retail inventory software, available for iOS and Android devices. We offer stocktaking apps for convenience stores to provide business owners with insights into their inventory’s flow, making it easier to identify any deadstock. Our stocktaking apps for food and beverage and stocktaking apps for pharmacies help businesses avoid spoilage costs and ensure all products are safe for consumption. Advstock Inventories stocktaking apps for bars and clubs are designed to adapt to a fast-paced environment, ensuring that all the items within the inventory keep up with daily demands.
But how does regular stocktaking help your business grow?
Effective stocktaking management gives a business owner a better idea of which product sells and which one doesn’t. When there is a great demand for a specific product, you have all the data needed to make a sound business decision. The same thing applies when you notice certain products are not received well by your target market. In short, it will be easier to make data-backed decisions that lead to profit increases for your business.
Not only that, but regular stocktaking also keeps you informed in real-time when profit margins are not up to expectations. This information serves as an early sign of poor performance, which you can mitigate by reviewing pricing strategies and reshuffling inventory early on.
Overstocking and slow-moving lines will not be an issue when conducting regular stocktaking. By comparing the current stock levels with consumption levels, restocking can be done effectively, keeping your cash flow under control.
The data collected through stocktaking helps a business owner keep stockholding to a minimum. As a result, the available workspaces are getting utilised efficiently, providing better movement for your employees. An organised storage facility allows for easier cleaning and improved working conditions, benefiting your team’s productivity and overall well-being.
Last but not least, regular stocktaking protects your business against theft and fraud. It serves as additional security for the company’s stock and cash. It particularly benefits businesses with a large number of employees, as constant surveillance is needed. Activities that are not done with ill intention but still cost the company loss of revenue like stock wastage and incorrect claims for allowances can also be identified and handled early on.
Stocktaking is essential for businesses of all sizes. To help small businesses conduct regular, cost-effective stocktaking, we offer a DIY solution in the form of a versatile small business stocktaking app. Our retail inventory software is mobile-friendly, so you can leverage your mobile device to perform stocktakes as frequently as needed. Trust Advstock stock and inventory app to make your stocktaking day more manageable!