Now that you had a great holiday season, chances are your stock levels are low. Now is a good time to think about doing an inventory count. Why should you do inventory? Well, it helps with managing your merchandise levels, gives you an idea on shrink (mistakes and theft), and it helps you find merchandise that got buried. These are all very helpful in managing your business and keeping your profits up.
Never done inventory before? You can do it yourself with pen and paper or an inventory barcode scanner or you can hire an inventory company to come in to do it for you. Doing it yourself will get you the best results – you know your products and touching the merchandise in your store helps you decide if its “shelf life” has expired.
You need to be closed for business to get an accurate count – no products coming in or going out. Prepping for inventory is just as important as the actual inventory itself. You need to check every nook and cranny to make sure you don’t miss any merchandise. Check your office, check your cash wrap, check every inch of your stock room, even check the bathroom. You don’t want to miss anything. Receive all merchandise that has come in or set it off to the side and don’t count it.
Some stores choose to do inventory overnight. Others choose Sunday night after closing. Choose what is best for your store and your staff. Make sure that your staff is rested up and understands the importance of accuracy. You will have mistakes that you will have to follow up on afterwards, but the fewer you make, the less stress you have later.
If you have questions about inventory and are using a Point of Sale system contact your POS Provider for help. If you are using QuickBooks POS you can use Inventory Scanners to make the counting process go quicker. AZ Retail can get you in touch with someone in your area that can rent you an Inventory Scanner or show you how QuickBooks POS can make the process easier.
If you aren’t yet taking advantage of barcoding and a Point of Sale system, give us a call and we can help get you started!
Happy Inventory Everyone!