An up-close record of your inventory will be the easiest way of improving your bottom line, somehow restaurant managers and owners either forget or don’t know the simplicity of this, yet still, they don’t need to be told how important their products are. Learn with us the best way of planning inventory for the year.
So, on planning for 2017 you need to be thinking about new or better ways to evaluate your raw materials and merchandise; this is particularly pertinent when considering the new or evolving trends coming into play. Which brings us onto our first point.
Planning Inventory
It’s worth taking a look at whether your local environment is going to be affected by government macroeconomic policies or the general economic environment, for the coming year, and how your businesses inventory is going to react. Usually, if you’re still a small business, there’s not much need to worry. Take a look into the future and actually analyse and attempt to predict trends, or at the very least Google it. Some big companies pay a lot of money for expert analysis and these reports may then be leaked or summarized for free on the internet. Paying for your own expert analysis isn’t a bad idea either. But consider testing an item or two from these reports in your product mix and see how it plays out.
Management Systems
Unless you keep very small inventories, employees usually aren’t qualified to manage them. As you take your steps to improve management systems, take these considerations into account. Emphasize training from the start. Whether its outsourcing inventory management systems or software that will usually provide customized training, or providing your own in-depth training to new staff. If you have generally very large inventories, you really should hire an inventory manager. A professional will do a lot better at the job required than your average employee. It’s very important they can be trusted to manage properly, are aware of and can align the inventory with the companies strategic plans and goals
Inventory Categorization Strategy
Categorize your inventory into 3 branches – Productive, Slow-moving and Dead. Working with your point-of-sale system (if you don’t have one, invest in one; or include it in your holistic automated package!) will let you see what’s what, as you cannot afford to have your products sitting on shelves for long periods of time. If you’ve still got stagnant inventory after 12 months, then you should be doing something about it. If you really want to push hard for positive rates of return then start marking down your Dead section for sale after 6 months or less. If something is Slow-moving but you still want it in the mix, look at reducing your order rates for it so you’re buying it less.
Advancement in Technology & Automation
And here’s the final kicker; ladies and gentleman, it’s 2017. Technology and globalization are literally skyrocketing, so if you aren’t automated, you need to be! Stopping warehouse operations or spending extra hours after work counting stock to make sure it all matches up with your data is out-dated and frankly, a big old waste of time. An automated inventory management system is just a quick button push away and will make a huge difference to you, your staff and your business, as you pass on these efficiencies to the unknowing customer. In the exponentially competitive world of business, this will make the difference between retention and the potential consumer moving elsewhere. Thankfully for you, we have just the package.
3S POS Inventory Management
Our software can deliver to all, even to the most bespoke clientele. This is because we understand that every business is different, even ones in the same industry selling the same products or services. Our enterprise stock control system is a highly powerful yet beautifully simple to use with real time stock information, costs, wastage and purchasing. If you want a reliable hand at achieving these 4 inventory tips and a hell of a lot more, 3S POS is the ultimate game plan, especially when you think of the advanced business reports our software create. As in, it can’t quite predict the future yet, but it will give you all the information and statistics necessary for you to have an immensely educated stab at it. If you still need extra convincing, we would be more than happy to provide you with a free demo. Contact us today and we can arrange one for you.
Ultimately, we wish you all the best with your business moving through the New Year. We hope you do better with planning inventory for your business. Good luck for the coming quarters!