How To Manage Stock When Your Business is Growing
With one of the highest start-up rates in the UK and a fruitful economy, Peterborough is proving a thriving hub for business. If your ecommerce or physical store is growing, you may be outgrowing your premises and wondering how to overcome this problem. While business is booming, you may not be in a position to move to a larger office or retail space. So what can you do?
Read our top tips on how to manage stock
1. Reorganise your shelves or stock room
Better managing your stock levels could be as simple as reorganising your shelves or stock room. Try different arrangements to see how you could best use the space you have. There may even be better packaging and storage solutions which could maximise your use of space.
2. Reduce stock levels
Sometimes it’s not always about maximising space, but making sure you’re ordering more of the right products and less of the wrong ones.
One way to keep your stock levels down is to stop over-ordering. If you notice you have high levels of a certain product with poor sales figures, make sure you don’t order any more of those.
Of course, if you reduce how much you’re ordering, you’ll want to make sure you don’t stock out. But if you regularly check your inventory against your order history this shouldn’t be a problem.
3. Shift less popular products
If you have stock that’s surplus to requirements, you may be able to send some products back to your supplier, although this will depend on the arrangement you have with them.
If not, you could encourage sales of your less popular products by creating a promotion or flash sale, or even simply make them more visible in your shop or on your website.
4. Prioritise popular products
While some products may be collecting dust, others could be flying off the shelves. Similarly to the second point, you’ll want to make sure you prioritise space for the more popular products, or products with high potential.
5. Calculate reorder points
A key way to know when to reorder specific items is to calculate reorder points. To do this you’ll want to set a minimum level of stock you don’t want to go below and note how long it usually takes for new stock to arrive.
6. Consider self storage
Even with all the tactics listed above, you may still need that little extra space. If that’s the case 1st Access can help. We are a leading supplier of commercial storage solutions in Peterborough and offer a fully flexible service with 24 hour access. All our storage is safe and secure, and we’ve been a trusted name with businesses for over 30 years.
We hope these practical tips will help you manage your stock levels and keep your business running smoothly.