Stocktaking: What to Do to Make Yours More Efficient

Author : Retail Limited | Published On : 13 Dec 2023

In retail and wholesale businesses, maintaining proper inventory levels is crucial to ensure customer satisfaction and prevent financial losses. This can be done by performing a complete stocktake regularly. By conducting a thorough stocktake, businesses can identify discrepancies and inaccuracies in their inventory, allowing them to make necessary adjustments to maintain healthy inventory levels.

In reality, many businesses are reluctant to conduct stocktakes as regularly as needed because the process can be time and energy-consuming. Moreover, it requires significant effort from employees and managers to carry out the process effectively. The risk of costly human errors, such as overcounting or undercounting, also adds to the frustration of the task.

To avoid these issues and streamline the stocktaking process, business owners must develop a well-structured stocktaking process that all employees can follow for maximum efficiency and accuracy. By doing so, businesses can limit the risk of costly mistakes and ensure that inventory levels are accurate and up-to-date.

A well-structured stocktaking process typically includes several steps, including preparing for the stocktake, conducting the stocktake, and reconciling any discrepancies. It is also important to establish clear communication channels between employees and managers and to provide appropriate training and support to all staff involved in the stocktaking process.

Check out our top tips for an efficient inventory stock take process – applicable for pharmacy stocktaking and grocery inventory management.

1. Plan your stocktakes ahead of time

To make stocktaking easier, find a time that won't hurt your sales or distract your staff. It's best to do it during a slow sales cycle or outside your business hours. Additionally, make sure your stockroom is clean and organised. This will make it easier to find and count your stock and reduce the risk of errors. To further improve efficiency, label shelves and packages clearly to define sections and identify what's inside each package.

2. Organise your stocktaking tools ahead of time

Make sure everyone has the necessary tools before starting the stocktake. These tools may vary, but this will give you an idea of what's needed for an effective process. If you still use stock sheets and calculators, consider looking into digital retail stocktake solutions like Advstock, which supports integration with handheld barcode scanners and mobile devices for a more efficient and error-free process.  

3. Remove outdated inventory data

The goal of a stocktake is to count your inventory accurately and compare it with your existing inventory data. Therefore, make sure to exclude items that have been invoiced but not shipped and raw materials that haven't been entered into your inventory system. These items don't need to be counted during the stocktake as they are either not yours anymore or a separate task altogether.

4. Find ways to solve stock loss issues

When you conduct your stocktake, you may discover missing or damaged items or notice that some items aren't selling. Leverage the data to improve security measures, implement new strategies for selling more stock, and create an inventory reduction plan to optimize your warehouse.

5. Hire retail stocktaking services if needed

Consider outsourcing stocktaking services from third-party stocktaking companies if you don't have the time or staff for regular stocktakes.