| In tough retail conditions retail business owners and | | | | Move stock around. Print a report showing hat stock |
| managers need to make tough decisions. Decisions | | | | items are selling with other stock items. Learn from |
| which get the retail store back on track and profitable. | | | | these shopping basket pairings and consider moving |
| Good inventory control software can help you make | | | | stock on your shop floor as a result. |
| these decisions. It can provide a fact basis for any | | | | Get smarter with your stock and use reports in your |
| inventory related decision. | | | | software to guide tactical moves which are chasing |
| By tracking inventory which comes into and goes out | | | | more sales. |
| of the retail business, through a variety of means, the | | | | Focus on suppliers. Compare the performance of |
| business builds, through the inventory software, the | | | | suppliers using reports in your software. If there are |
| data necessary for good quality decisions. | | | | suppliers significantly outperforming others, focus more |
| It all starts with good inventory software. This is | | | | on them. But be sure to let underperforming suppliers |
| software which: | | | | know that they have problems. |
| - Tracks every sale. | | | | Too often, retail suppliers control their client businesses. |
| - Processes electronic invoices from suppliers and | | | | You can take control by relying on your reports which |
| allows you to manually enter invoices. | | | | are based on your real sales. Suppliers base their |
| - Tracks movement of inventory from a warehouse | | | | information on what they sell you. |
| to retail. | | | | Cut theft. One business problem could be theft of |
| - Tracks theft of stock. | | | | stock by customers. Using theft management tools in |
| - Provides you with excellent reports for understanding | | | | your inventory control software you are better |
| the performance of your inventory from a range of | | | | equipped to understand what is being stolen and when. |
| views. | | | | Use this information to reduce theft. A cohesive and |
| If your retail business is experiencing difficult trading, it is | | | | fact based theft management strategy could improve |
| probably time for you to more fully embrace your | | | | your bottom line by between 2% and 5% depending |
| inventory software to turn the situation around. | | | | on the nature of your business. |
| Assuming you use your Point of Sale / inventory | | | | The inventory on your shop floor is a good place to |
| management system properly, here are steps you can | | | | start to turn a struggling retail business around. Achieve |
| take to improve the performance of your business. | | | | this by using good inventory management software. |
| Cut dead stock. Print a report of stock which has not | | | | Feed it good data and rely on accurate reports to help |
| sold in the last six months. Review this list and make | | | | guide better business decisions. |
| quick tough decisions about quitting stock which is not | | | | It takes discipline and a preparedness to trust the data |
| performing for the business. | | | | more than your own feelings. Confidence will grow |
| Some retailers are prepared to carry underperforming | | | | with time. Good decisions will be reflected in better |
| stock for a long time because they want to be known | | | | business data. |
| for their range. This has a cost. If your margin is slim | | | | Inventory management software can change a retail |
| then cutting dead stock is a most urgent business | | | | business from a basket case to a terrific success |
| activity. | | | | story. |