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Stock Company Management is the process of tracking and accounting the goods your business sells or makes use of. It involves acquiring, storing and organizing the inventory in your warehouse, as well as recording inventory changes over time. It also involves creating sales forecasts to ensure your inventory is in line with customer demand. Stock management can reduce costs and increase efficiency, productivity, and profitability.

Stocking the right amount is crucial for any business. It is possible to lose customers in the event that you are carrying too little stock. Too much and you’ll end up paying storage fees and taxes on inventory that could never be sold.

Controlling your stock is the process of regularly reviewing your inventory, and categorising it according to its value (see our article about how to categorise stocks). It’s essential to ensure you don’t keep more than you’ll ever need and that you’re not wasting or destroying valuable goods. This will save you money and help to protect yourself from theft.

Examine your turnover rate to see how fast you’re selling items. You should purchase more of the items that sell quickly and increase sales by marketing and advertising. You can also cut down on costs by not having to order or store products that aren’t selling well.

Consider investing in cloud-based software for stock management to streamline processes and provide accurate real-time data about your inventory. This can reduce manual labour as well as paperwork and errors. It also gives you instant stock valuation when you need it. Your industry’s peak body or supplier could be able advise on different kinds of software that is suitable for your business.