16/11/2021
INVENTORY MANAGEMENT
After purchasing your stock, you have to manage it efficiently in order to keep all products safe and easy to locate in your store.
In a scenario where you manage more than one store, you need to have some rules about the movement of products from store to store. In these rules, you define the main store (this is where products are delivered by your supplier), subsequent stores and the products that can be stored in each of the stores.
Your main store receives stock from your suppliers, and replenishes other stores. These other stores act as outlets for customers to buy or pick up products they’ve bought.
In your stores, ‘Receipts’ help you manage the way stock enters your store (from suppliers), while ‘Delivery Orders’ help you manage how stock leaves your store (to your customers).
With good replenishment rules, your business operations run uninterrupted. You also get to reduce the frequency of purchasing stock.
A Few Factors To Consider When Coming Up With Your Replenishment Rules:
- How fast the product sells
- How long it takes to get a new shipment of the product from your supplier.
- Shipping costs, landed costs & taxes.
- Your store capacity.
With good replenishment rules, your new stock should arrive and get received into your stock before you old stock is sold out, but the old stock should be nearly sold out.
Reports:
Your system should allow you the flexibility to get various types of reports to help you get deeper insight into your business.
You may have a report for fast moving goods, slow moving goods, goods that haven’t been purchased or sold in a given amount of time, etc.
In the next post, we explore SALES. We will look into both cash and credit sales, and how best to manage and follow up.
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