Skip to content
Stock control is about more than ticking off a list. It’s central to the profitability, efficiency, and success of your business. The five critical areas of stock management are; what, where, when, why and how. In this article, we’ll examine how a bit of critical analysis on each can help make sure you’re always in control of your stock.
What are you storing?
It’s a simple question, but the type and quantity of goods you’re storing will have a direct impact on your warehousing needs. Do you stock machine parts, bags of rice or an inventory list that runs into the 1000s? Will you need regular, easy access or a long-term lock-up and leave set-up? Choosing the right type of storage can help you minimise your warehouse costs.
What you’re storing will also affect whether you need pallet storage or free-standing warehousing. Pallets are standardised sizes and suitable for a set maximum weight. Knowing how many pallets you’ll need to store your goods can help you plan ahead.
It’s also important that stock can be easily identified. Once goods are wrapped or boxed up, it isn’t easy to tell what they are. A system of QR codes, hand scanners, and tracking technology makes it quick and easy to identify what’s on each pallet.
Where is your stock?
Do you know where your stock is at all times? Which warehouse, lorry or shop every box of goods is in? Thanks to digital technology, it’s now possible to keep track of your stock in real time, even when it’s on the back of a lorry.
The location of the warehouse itself is also important. Warehouses that are near the motorway offer faster, easier access, which can mean lower distribution costs. It can make sense to be near your major customers or suppliers depending on your business model.
Does your stock need to be stored under specific conditions? Food and beverage supplies must be kept in BRC certified premises, and may also require temperature control.
When should you do stock control?
The bedrock of stock control is the Goods In and Goods Out process. Whenever stock leaves or enters the warehouse, it must be checked in or out. This process typically happens multiple times every day so it needs to be done right, or you’ll lose track of things very quickly.
As well as day-to-day stock control procedures regular physical stock takes are also important. They might be done mid-way in a project, at end-of-season or end-of-year. These are on-the-ground stock checks that make sure the goods in the warehouse match what’s showing on the spreadsheet. They are also vital for spotting any stock damage or missing stock. Accurate stock assessment allows businesses to re-stock or write off losses, and amend forecasts and accounts accordingly.
Why is stock control important?
Stock control helps businesses to run efficiently and plan for the future. If you don’t know what goods you have, and where they are how can you sell them efficiently, or keep an eye on your bottom line?
Stock control is also important for compliance and reporting. This is particularly true of the food and beverage industry, where items need to be stored in BRC certified premises. It’s also important for financial reporting. Precise inventory data is essential for accurate financial statements and audits, ensuring transparency and credibility with stakeholders.
Effective stock control is essential for delivering on your promises to customers. It means you can deliver the right goods at the right time. This can be particularly important if you’re supplying a large retailer or a buyer is reliant on your goods to complete a project. The reputational damage of not delivering stock when promised can easily lead to lost business and revenue, or breach or contract issues.
How do you control your stock?
The stock control process matters. Standardised, effective procedures, a fully trained workforce and digital technology can all help your stock control stay on track.
This is particularly important if you’re working with a storage and distribution partner. Stock control is only as strong as the weakest link. Effective communication helps teams to synchronise so there are no, “blind spots” when it comes to your stock.
Most companies use inventory control software to help them streamline the stock control process. There is a wide range of software products available including, EazyStock that can also assist in demand forecasting and inventory optimisation.
If you’re utilising a third-party fulfilment partner, consider whether it’s worth integrating software systems. This can boost supply-chain visibility and improve the efficiency of the whole stock control process.
If you’re looking for a storage and distribution partner that looks after your stock with as much care as you would, please get in touch. We don’t underestimate the trust you put in us and we’d be happy to give you a tour of our facilities or a competitive quote.
