12/01/2016 0 Comments
HOW TO REDUCE YOUR EXCESS STOCK
Having too much inventory is something you don’t really want to happen, but more often than not, it’s not something that can be stopped completely. We’ve put together our top tips for reducing the amount of excess stock and finding the perfect balance.
Before making any orders on stock, you need to think ahead. Fully consider the season you are buying in for; this means thinking about any seasonal changes in sales, seasonal changes in which products sell better and perhaps changing up your standard order to incorporate non-standard purchases that will sell well. If you are considering buying in unfamiliar products – don’t go overboard until you get a real idea of how they are selling.
By analysing the performance of each product in detail, you will be able to pick up on any patterns in the season and note its popularity. This can help your buying decision massively – running off the hard facts will make your order as accurate as possible and thus, leave you with the least excess stock possible too. There’s no way of forecasting any kind of anomaly after all.
Small and frequent
One way to reduce excess stock is to make your orders smaller but more frequent. We understand that sometimes this isn’t possible and can work out more expensive, however, smaller order quantities coming in more often can significantly reduce your inventory and can minimise the consequences of an anomaly occurrence.
Get rid of obsolete stock
There’s no point crying over spilled milk – and the same goes for obsolete stock! There’s no point in having it; it takes up unnecessary space and absolutely nothing can be done with it. If you don’t address it now, it will only grow and grow, so be done with it – get rid and eliminate it so you can focus on other things.
Understand that it just happens
It’s important that you understand that sometimes, excess stock just happens. Sometimes less of the line is sold than you thought, in the same way that sometimes a product sells a lot better than you expected. It’s impossible to predict the future down to a T, with or without that crystal ball. But there are ways that you can deal with excess stock that means you don’t lose all the money you spent, including coming to us at M Brill Ltd!
If you’re looking for a fast purchase and clearance of excess, bankrupt or liquidated stock, M Brill Ltd does just that across Greater London and the whole of the UK. Get in touch with us today!
T: 02072 540333 E: firstname.lastname@example.org