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How to Practically Manage Stock of Goods

How to Practically Manage Stock of Goods

Establishing a business must be very familiar with the process of managing stock of goods, both raw materials and products produced. Managing stock in small quantities may still be easy to do. You can easily track what items were bought, sold, shrunk or even lost. 

But it is different if the number of goods increases to reach thousands. If you have touched a complicated number, you need a better and more serious way of managing the stock of goods. 

Because if not, the possibility of things such as excess or shortage of goods, loss of goods and disruption of the delivery schedule will occur and are more difficult to overcome. Managing the stock of goods that are not good will produce profits that are not maximized.

"According to the SBA (Small Business Administration - United States government organization that supports entrepreneurs and small businesses) states that poor inventory management is the 4th biggest killer of SMEs."

However, if you manage it well, you can estimate the number of items that must be ordered or produced for the next sales period and reduce the risk of excess goods so that you do not experience losses.

How to Manage Stock Items

1. Create and Record Stock List

Data is an important thing that must be owned in the process of managing stock items. With data you can control, make decisions and take action for sustainable stock management. Record all data completely and accurately either traditionally through forms or digitally using the application.

2. Create a Code on Each Product

Give a code to each item, especially if you provide many items with various colors, motifs or models. This code will help you identify and name specific types of items in less time. The use of codes also makes it easier for you to group the placement of goods in the warehouse.

3. Make Stock Estimates and Schedules Stock

forecasts or estimates of the number of items you will add to stock in the warehouse. Make an estimate in the form of the amount of inventory needed and which must be issued in this period. Next make a schedule to determine when you should make a purchase. Inventory forecast and stock schedule will make it easier for you to calculate the inventory budget for a certain period.

4. Separate Old and New Stocks

Like finance, mixing up the stock of goods will also create confusion in recording and calculating. Separate old stock and new stock to make it easier to calculate the amount of old stock sold and unsold and it's best to remove old stock first to reduce the risk of loss.

5. Check Before Storing Goods

Check the goods before storing them in the warehouse. This will prevent mix-ups of imperfect or manufacturing errors with high-quality goods so you don't get complaints from disgruntled consumers because they got a non-perfect product.

Why Should You Manage Stock With Software?

Managing inventory is not an easy thing. Moreover, if it is added with small parts that are often missed and the numbers are quite complicated. Of course it would be very inconvenient if you had to use the manual method. We recommend that you use software that automatically accommodates all inventory management activities.


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