The best practices for effective stock management are those that are proactive in terms of time, and there are some improvements that can be done at weekly, monthly and annually periods to maximize gains you can make in each:
– Do a physically walk-through of your inventory, reviewing all of the units.
– Inspect your oldest units in stock in concert with your sales department, guaranteeing their proper display perfectly and ready-to-ship status, as well as knowing that all sales personnel are up-to-speed on the items’ details and specifications.
– Examine the scoreboard of your sales department, tracking any deviations from its original plan. If you are short of your forecasted goals, make a decision whether you want to begin trades of the items or alter any future orders.
– Sort through the feedback you have received from customers who have bought the items, and make adjustments to your forecasted sales quantities if necessary.
– Establish a stock trading and purchase plan as an integral part of your projected overall sales. Compare brands, models and respective months for their orders, purchases and deliveries.
– Plan your special promotions schedule in advance and apply a budget to your sales and purchases.
– Implement a employee/vendor/customer feedback process, using both informal (the sales department’s conversations with customers) and formal (written surveys) methods. Target one area as the likelihood of future orders, and note which stock items have the best and worst reputations.
While stock management requirements can be a complex web that combines early planning, speculation and detailed research, many of the above practices will help you achieve the ultimate goal, regardless of the system you employ: the best and most accurate information at your fingertips when you need it.
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