Get the excellent Stock Control tips now in hand
Running a business successfully needs a goodstock control. The aim of controlling of stock is to maximize the profit of the organization with minimum investment without affecting the customer need.
But before getting into that you must know the answers to few basic questions – what, when and how much?
What is Stock control?
Stock control or Inventory control is a process of checking the stocks of a business or firm at a time and keeping track of it. It covers stock at every stage of the production process, every item you use to produce a product or service, from raw materials to finished goods and reordering of the stock.
When do you use the Stock control?
Stock control is used in each and every step of production to the selling of the good. These may include,
- Control of the raw materials ready to use in the production of the good
- Control of the unfinished goods
- Controlof the finished goods which are ready to sell
How much stock should you keep?
The answer to this question varies for individuals. It mainly depends on the size and nature of your business and the products to be produced. Suppose you are having a small space and can’t accommodate all the raw materials but have enough money to buy them, in that case, you can buy those items from your supplier and ask the supplier itself to keep the stock with him and dispatch when needed giving an extra amount.
Best stock control methods:
There are many stock control methods depending upon the business needs. Few are enlisted here.
- You can maintain a minimum stock level and increase it at the time of requirement.
- Do an annual check/ review of you stocks for better flow.
- Manage your stocks in batches.
- You can use Stock Control software easily available in market or online.
- Order fixed the quantity of good required so that it’s never more or too little.
These are the best possible ways of stock control which you can follow for growing your business.