Are you afraid of losing customers due to a shortage of stock? Here are some tips to keep stock levels up and get happy customers!
Keeping a good overview of the stock is a difficult job. It takes time and storage space is precious, especially when it is empty. There are several factors that determine how you set up the warehouse. If you don't, you could lose money because customers choose to order from the competitor instead of you!
Below are our tips that are important when setting up good stock management.
1. Think about what you're selling
The types of products you have in stock determines how you organize your stock. Perishable products must be sold quickly. Other products must be cooled. Certain products are large, others are small. You have products that are sold quickly and products that are in stock for a longer period of time.
Here are some questions to help you assess the situation:
Is the inventory time sensitive (e.g., perishable, quickly out of date or out of fashion)?
Does the stock have specific temperature requirements?
How big are the items?
How fast can you sell them?
Is it necessary to have these items in stock, or can it be delivered directly from the supplier to the customer?
2. Look at alternatives
It may be that having your own warehouse with stock is not the best solution for you. If the stock only has a few changes, a warehouse employee will cost you more than it yields. In this case, you can consider outsourcing the inventory. It gives you the opportunity to focus on the core activities of your company, while external companies manage your inventory.
3. Know when to keep it in stock
Some products are periodic, so it's important to know when you're getting them and when they're leaving. For example, it makes no sense to have the entire warehouse full of winter coats in the middle of summer.
4. Know where you get supplies from
Stock the warehouse in a smart way. Cut down on transportation expenses by ordering multiple items at once if you can. A good relationship with a supplier can lead to better deals, which can also help reduce costs and perhaps increase margins.
5. Have multiple suppliers per product
Make a list of all the suppliers who can provide the products you need. It's always good to have a backup plan in case your usual supplier can't meet the need. If you know that there are alternative suppliers, this causes less stress, haste, or you pay less.
6. Plan your deliveries
Some days of the week are busier than others. Getting deliveries outside peak hours allows you more time to organize stock.
7. Push and Pull rules
The 'push rule' assumes that the market has been researched, and you have forecasted accordingly. Based on this, you order the products and put them in stock.
The advantage of this is that you have enough inventory for every sale that is made. The downside is that if you don't sell the product, it takes up space and costs money.
The 'pull rule' does the opposite. For every sales order you receive from the customer, you send an order to the supplier. The supplier provides you with the required amount. The advantage of this is that it saves space and eliminates unsold stock.
The disadvantage of this is that you run the risk of longer delivery times and that you are bound by the supplier's available stock. If your supplier cannot deliver, or cannot deliver within a reasonable period of time, this can seriously disrupt the relationship with your customer.
8. Have a 'hassle-free' stock
One technique to consider is 'stock on consignment'. This is a piece of inventory that your supplier places in your warehouse, but for which the supplier is still the legal owner. As soon as the stock is sold, the supplier sends you the invoice. The advantage of this technique is that, for standard products, you can return unsold inventory to your supplier, with the only cost being the space it has taken up in the inventory.
9. The best stock is still no stock
Among the list of products you sell are some products that you should not keep stock of. The best solution to keep them out of the warehouse is to use drop-shipping. It involves sending all orders you receive from your customers for these items directly to your supplier. Your supplier will ship these products directly to the customer. This results in more space in the warehouse and usually faster shipping due to fewer steps.
10. Embrace technology
Getting the job done is a full-time occupation if you have to do everything on your own. 
Getting the job done is a full-time occupation if you have to do everything on your own. With the help of good inventory management software, this task will become easier, faster and more efficient. Record every part of the stock in the system; it will help you manage stock by giving you clear insight into stock levels.
Using barcode scanners will also help save time and provide instant updates on what's coming in and going out. It also gives the exact position of each product.
11. Automate what is possible
After some time, you will have enough information to determine when which products should be ordered and in what quantity. Use automated functions on these products so that the system orders these products itself, while you keep an eye on the rest of the stock.
Once you've completed these tasks, you should be fine in most situations, and you can avoid stock shortages resulting in happy customers. And when your customers know they can count on you, they'll never look anywhere else!
11 tips to better manage the inventory of your products.