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Sales and Marketing Q&A Forum Post: Managing stock levels Q) I am in the process of setting up a kids clothes and toy shop and don't know how much stock to purchase. Is there any advice available on managing levels of stock? Any tips? Answered by Philip Wilkinson, Business Link, You will need to forecast what your sales are likely to be in terms of volumes, item profitability, stock turnover and lead times from suppliers – and plan and buy accordingly. You will need to balance quick turnover of stock, minimising investment in stock, with the need not to go out of stock. This will involve market research, market knowledge and your “feel” for what is going to be popular and likely to sell. It may be worth investing in software that will enable computerised stock control to be put in place, perhaps in conjunction with your accounts package. Putting “stock control” into an internet search engine will bring up many potential suppliers. You will never get it perfectly right in terms of stock control – the trick is to keep a close eye on stock held, levels, speed of selling and profitability and buy and sell accordingly. For further information, click here. There are currently no comments on this post. Leave a comment
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