Top Challenges in Beverage Stocktaking in Ireland

How to Conduct an Accurate Stocktake

Step-by-Step Guide on How to Conduct an Accurate Stocktake: Best Practices for Inventory Management

Stocktaking does not have to be a pain for your business and employees. Done right, it saves your business time, money, and the hassle of after-hour inventory counting every day.

The insight provided by regular stocktakes aids in decision-making, helps businesses understand which products are in demand, and ultimately improves their bottom line. However, there are businesses who end up with inaccurate and ineffective stock counting due to poor counting practices.

With the right professionals and inventory management systems, stocktakes can be conducted quickly and accurately with minimal disruption to your business.

Discover how easy a stocktake can be below.

Stocktaking Tips: Best Practices for Inventory Management

 

  • Plan Ahead 

You cannot rely on inventory management or stocktake experts completely – you need to have a plan. Consider your store’s layout, when you want to conduct a stocktake, and how much you are planning to cover. Planning ahead will help your staff prepare and be clear about their roles during the stocktake. With a clear roadmap, you can also be assured of not missing out on hidden stocks or old inventory.

  • Create a Stocktaking Schedule

Counting your entire inventory in one go carries risks of inaccuracies and demands a lot from your employees. Instead, implement regular, cyclic stocktakes focusing on one product category at a time and then the next. This bite-sized stocktake will benefit your staff to be more focused without spending extravagant time on each stocktake.

  • Use Stocktake Equipment 

Do not remain stuck on old practices that require your staff to stay after hours. Using the right stocktaking equipment will help you conduct a stocktake during business hours.

  • Create a Store Map

It is a good idea to map your store, including every shelf and rack. Determine how many employees you need for the stocktake to keep them organised throughout the count. You can also visually assign specific areas to your staff where they can focus completely.

  • Include All Items, Even Those in Transit 

Include all stocks in transit from suppliers, in transit between stores, or ready for pick-up by customers before you start a stocktake. Accounting for all stocks will return accurate data and prevent miscounts after the count.

  • Mark Each Stock to Avoid Double-counting

Mark off each stock as counted in your store map to ensure the same items are not counted twice. You can also make use of inventory scanners to save time and avoid any overlap.

  • Validate Data Before the Stocktake

Your stock data at the start of the stocktake is as important as the data after it. Check your inventory management systems for accuracy and how past inventory reports were conducted. You should have clarity regarding your stock numbers at the start of each stocktake.

  • Resolve all Inconsistencies After the Count

Once the stocktake is complete, make sure you review your inventory to check for discrepancies. Match your current stock levels against the stocktake data before updating your inventory management system.

Check patterns on profit margins, stock shrinkage, overstocked or understocked products, and high-demand categories.

We Make Stocktaking Easy

A successful stocktake should be driven by people and powered by inventory management systems. Doing this will transform a tiresome task into accurate and quick work.

Regular stocktakes will help you streamline your operations, account for accurate inventory management, learn customer demand, and ensure sufficient profit margins on every product.

Hospitality Partners offer the complete gamut of stocktake solutions for food, beverage, and hospitality businesses. Schedule a consultation with us and di

discover how easy your next stocktake can be.

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