Stock Company Management
Stock Company Management is the process by which an organisation maintains track of and records its stock (items), whether they have been purchased, sold, or owned. It could include raw materials such as work in process, finished products and spare parts.
Having the right amount of inventory available is essential to meet the demand. A lack of inventory means that you are likely to miss sales opportunities, whereas excess inventory can tie up your money and increase storage costs. The optimal level is defined through analyzing your sales forecasts, warehousing and distribution processes, and the performance of your suppliers.
Stock control is all about accurately recording and tracking the inventory. This can be done either manually or by using computer software that links with your point of sales (POS) system or client management software. These systems monitor and track stocks in real-time and notify you of low stocks before they become a problem.
It is crucial to periodically examine your turnover rates and look for patterns. If you have many items that are slow sellers and are taking up valuable warehouse space, think about not purchasing them again in the near future and instead focusing on marketing and driving sales of better-selling products. Keep in mind that your stock turnover rate could be affected by events outside of your control, such as an increase in prices from suppliers or the difficulty of finding raw materials. There are reports from suppliers as well as industry peak bodies that detail the changes. You can also ask your business advisor for suggestions on specific stock management strategies.