Running a retail or wholesale business entails the need to deal with stock on a day-to-day basis. When there are thousands of merchandises on hand, it is crucial to know how to manage all of them in an organized manner. How can you be assured that you have an efficient stock management system in your warehouse? Following the tips in here will do you a lot of help.
Manage Stocks Accordingly
Old stocks need to go first before newer items. This is especially so if you are selling goods that have expiry dates. If you want to make sure that you are handling all these items efficiently, you need to separate old merchandise from new ones. Using a warehouse management software will help if you have thousands of items in your warehouse. That way, you will be able to manage your stocks at a lesser amount of time.
Consider fast and slow-moving items in your inventory as well. You have to consider these when separating items accordingly. Fast-selling items will surely go first thus they should be stocked where they can be accessed easily. For your slow-moving items, on the other hand, it will be good to develop strategies on how to sell them fast too. This is aside from stocking them in an area where they can be kept for a longer time than usual.
Make Your Records Accurate
Your records are very important when managing a warehouse. You need to record what goes in and out of it, by updating your record books regularly. Make sure that all items are well accounted for at the time they get in and go out of your warehouse. You would never want the idea of losing profit just because you failed to record the goods that have already been out of your facility.
Make an Inventory Forecast
This can be one of the most difficult steps when handling your inventory, especially if your products fall into different categories. Forecasting involves determining the price of the item, thus making forecasting even more complicated. Using an inventory system is the solution to making forecasting a whole lot easier. There is a type of software that can help automate forecasts for easier inventory taking.
Assign a Barcode to Your Products
Barcodes do a lot of help in recording the flow of your inventory, as well as in speeding up the process of doing your inventory taking regularly. Barcode systems these days already include codes where they are easier to spot when you have bought an item. You just need a barcode scanner to access the printed barcode. From there, the product information will already be displayed on the computer screen.
Warehouse management can be a tough job, without the help of companies that are already experts on handling stock. Working with a logistics company can help save you from these tiresome processes. At STC Logistics, we have warehouse fulfillment measures that will work when it comes to managing stock piece by piece without much of a hassle. We have inventory management systems that are proven to work for any type of business.