Stocktake preparation for your retail business.

In the first of our blog posts, our Head of Operations - Alex O'Brien, has outlined a best practice when it comes to the preparation of your stocktake.

I’ve completed many stocktakes where I’ve wondered what value it’s bringing to the business. If a stocktake isn’t accurate, it’s worthless. If a store doesn’t prepare or understand the stocktake process, it will be inaccurate and worthless as a result.

So how do you prepare for a stocktake?

1. There are many different methods and ways to carry out a stocktake. There are still businesses that use pen and paper for their annual count. For this blog, we’ll assume that you are using a scanner to read barcodes or enter data and that you are on retail premises. You may be doing this yourself with your team or bringing in an external company to complete the stocktake for you. Either way, the preparation should be the same.
   
   
2. Plan the date and time. Try to pick a day that isn’t too busy. Avoid delivery days or times that there will be other activities happening on your premises. It’s often best to start early in the morning before trading would usually commence, or in the evening as your business would usually close. Don’t simply pick a date because it’s the last day of the month or because your accountant wants a certain date. If the last day of the month falls on your busiest trading day with large deliveries expected to arrive, trying to complete a stocktake will result in an inaccurate count with lots of discrepancies.

Plan the date and time. Try to pick a day that isn’t too busy. Avoid delivery days or times that there will be other activities happening on your premises. It’s often best to start early in the morning before trading would usually commence, or in the evening as your business would usually close. Don’t simply pick a date because it’s the last day of the month or because your accountant wants a certain date. If the last day of the month falls on your busiest trading day with large deliveries expected to arrive, trying to complete a stocktake will result in an inaccurate count with lots of discrepancies.

Plan who is going to complete your stocktake and how they are going to do it. Do you have your own equipment and team? Do you need equipment or professional support? Maybe you want an external company to come in and look after the full count for you? There are many options available and Scanmatix can assist with all of them.

As you approach your stocktake date, start to run stock down. Any stocktake is easier when stock levels are at their lowest. Try not to open full boxes from the stockroom unless necessary. It is much easier to count a full box than an opened one. Try to delay receiving any large deliveries until after the stocktake.