Inventory is likely to a fear of almost store owners. They do not know how to reduce and manage it.
This below list will show you 15-Point Store Manager Checklist that helps you manage your inventory better:
1. Review your re-ordering parameters regularly
2. Have a stocking strategy and determine safety stock, desired stock, reorder point etc. for each category
3. Establish an inventory turn objective for the whole inventory
4. Establish inventory turn objectives for individual product lines
5. Protect all your fast moving items – do not run out of it
6. Spend more time managing medium moving items
7. Buy extra stock when there is maximum discount from a vendor.
8. Avoid special orders and rush orders that cost additional shipping cost.
9. Do not keep stock of items that don’t sell (emphasize ‘no slow moving items’ policy).
10. Have frequent ‘Sale’ of non-moving items/dead stock.
11. Conduct a physical inventory count at least once a year (preferably outsource this function).
12. Conduct spot checks on random items (preferably outsource this function).
13. Hold regular meeting with your inventory team and ask informed questions.
14. Have the inventory team generate and distribute special reports on all aspects of inventory control at least on a monthly basis.
15. Accept that pilferage/shrinkage is a reality and put in place checks and balances to curtail it.
Source: HubSpot
This below list will show you 15-Point Store Manager Checklist that helps you manage your inventory better:
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2. Have a stocking strategy and determine safety stock, desired stock, reorder point etc. for each category
3. Establish an inventory turn objective for the whole inventory
4. Establish inventory turn objectives for individual product lines
5. Protect all your fast moving items – do not run out of it
6. Spend more time managing medium moving items
7. Buy extra stock when there is maximum discount from a vendor.
8. Avoid special orders and rush orders that cost additional shipping cost.
9. Do not keep stock of items that don’t sell (emphasize ‘no slow moving items’ policy).
10. Have frequent ‘Sale’ of non-moving items/dead stock.
11. Conduct a physical inventory count at least once a year (preferably outsource this function).
12. Conduct spot checks on random items (preferably outsource this function).
13. Hold regular meeting with your inventory team and ask informed questions.
14. Have the inventory team generate and distribute special reports on all aspects of inventory control at least on a monthly basis.
15. Accept that pilferage/shrinkage is a reality and put in place checks and balances to curtail it.
Source: HubSpot
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