Many of you have now done a stocktake, so you have your figure for your accountant.
You have the information, now what you need to do is look for the stock discrepancies.
What went wrong in this year!
What you need to know is your stock shrinkage?
Can you answer this simple question? Some of the largest retailers in Australia cannot. But if you do not know what it, how do you fix it?
The good news is with our point of sale software; it would be easy to find out now.
*Go to your stocktake section
*There you will find reports show the discrepancies (variances) in the stocktake.
*Highlight the discrepancies that have occurred.
These discrepancies will be due to many reasons. Shoplifting, both internal and external, will be a significant cause. So it is worth checking what is missing.
Examine the stock discrepancies by suppliers. Supplier errors are a big problem with my clients. Some have told me the total cost of their point of sale system paid for itself by this saving alone.
But keep looking at these figures. I would suggest looking by department and then item.
Try to identify areas that have high-security concerns. Now consider what to do, e.g. more cameras, a new arrangement in your shop, and better stock controls. As a bonus rearranging your store will also give your shop a fresh look.
This analysis can save you a lot of money, saving on 1% of every million dollars is $10,000, not bad for a few hours work.