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Stock Control

POS SOFTWARE

Tip on how to use your POS System to get better inventory control.

I will use greeting cards for this example, but it will work for anything. Using this, one of our clients improved their greeting cards sale by almost 25%, so it works and is quick. What can happen if you have a supplier that supplies you with many lines of stock, it can be hard to know what lines are working for you. If there are a lot, some I can guarantee you are bombs.

So go to Cash register reports> Suppliers> Supplier Sales Trend for 12-Month Period.

Let's keep it simple, so select a date, say last financial year and a supplier.

Now up pops a report that looks like this.

Now on the report, look at the right column, and you will see I highlighted in green stock lines that have sold nothing for 12 months. In blue, you can see that you have stock. What do you have stock of them for if they are not selling?

Investigate!

Consider being aggressive. Set a minimum sale budget, say 1 or 2. Now, if you look at the list, you will find more stock lines to look at too.

It will take a minute to check them out, so start now!

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POS SOFTWARE

The big problem is that after the lockdown many shops have restocked, so their new inventory is new.  So a common problem many have is amplified as they have old stock sitting for a long time without selling. Old stock is more challenging to move than new stock, so the odds are that this stock will continue sitting in your shop if you do not do something.

The first point is to identify this stock. Luckily you have an extensive system in your POS Software to help you find this old stock. 

Click here for a training video on how to identify such stock.

As a tip, it's best to run it into three-month, six-month and 12-month-old periods separately as each period has a story to tell. 

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Staying on top of your stock is critical to loss prevention. Hopefully, you have finalised your stocktake so we can calculate your retail shrinkage.

So why not do so now?

This is how you do it in less than four (4) minutes.

1) We need what your computer had for the value of your stock before the stocktake. If your point of sale is up to date, print out a report of your stock valuation before starting the stocktake. If you do not trust the figure in your point of sale software, then you can, or your accountant can give you an estimate. This is the (Perpetual stock value).

2) This comes from your stocktake and is the value of the stock you had after the stocktake. Your point of sale software will have this figure once you enter the stocktake figure in the stock valuation report. (Physically Counted Inventory Value)

3) What are the total sales of your shop less the non-stock items? E.g. if you sell touch gift cards, these are not stock items, so take them off your overall sales figure. Your total report should be able to give you this figure which is your (Sales of stock products)

4) Value of the damaged goods you counted. (Damaged stock value)

Now please do the following calculation.

Shrinkage% = ((Perpetual stock value)-(Physically Counted Inventory Value))/(Sales of stock product) x 100%

A familiar figure here is about 1.4%, but it varies generally between 0.1% and 6%.

Now what you may also want to look at is your damaged goods, these have a different story, and they can be a compelling story to tell too.

Damaged% = (Damaged stock value)/(Sales of stock product) x 100%

Once you get these figures, you will know how bad a problem you face. Now we know what we are looking at in my next post on this subject, I will discuss how to analyse further. To see how we can reduce this problem. It's a tradeoff as your loss prevention strategy must reduce loss without impacting the customer shopping experience.

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POS SOFTWARE

Controlling stock control and doing orders, the reality is that the computer will win.

There is no way a person can keep in tune with their shop's twists and turns. There are too many stock items to keep track of in the shop. Here is a better and cheaper way.

The best way to do it is with predictive analytics (focus). These tools are generally too expensive for small to medium-size retailers unless they have our point-of-sale system. This is because we have embedded it into our software and give it out free. To use it is both intuitive and straightforward. It does not need much training either to use. Once working it produces less work than manual stock ordering.

Let's say you have a basket for tape. You cannot order limitless quantities of tapes. So what our users can do is use the option, focus order. It is an advanced type of "just in time" method of stock control, which gives you a plan of how much stock you should have now.


 

The computer tracks the stock on hand and estimates the stock level required for these goods in the period (focus). If it thinks that the stock on hand is too low, it can send an order to a supplier with the speed and accuracy that no one can match.

It is easy to set up and use.


You can control your stock with relative ease.

For details on how to do this, please, click here

 

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Now most of us are sitting on a heap of old (dead) stock. It tends to be pretty bad this time of year because we have a lot of short holidays with specific themes. These require stock that are specific to the event. This stock if unsold will sit uselessly on the shelf, tying up cash unless you do something.

We have in our POS Software an extensive system to help you identify this old stock.

Click here for a training video on the identification of such stock.

As a tip, it's best to work with each department separately.

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Many of you are now getting updated price lists. Every day someone is telling me that they are suffering from the scarcity of some goods. No shortage of reasons, I have noticed for the holdups.

It’s affected manufacturers and suppliers of Australian goods spanning electronic devices, smart home technology, medical devices, and manufacturing equipment. Distributors, installers, repairers, and others have all suffered from the flow-on effect of the shortages. Potentially, producers in these industries will also be hit:

 

 

Go into your in your POS.Software and you will find it is easy to do.

If you go into stock pricing (see the red arrow), you will find a bulk price on the menu item.

As suppliers now, they tend to use sections rather than update all their prices. You will need to select from a wide range of filters.

I find it very useful to use the partial stock name to specify only items with part of the name in the title. For example, only items with *pens* in the description.

Now select what you are going to update. In this case, it's retail price. But you can also change wholesale costs, business costs, website prices, or whatever. There is a lot of flexibility there.

Then select how your price will be updated by markup, by a percentage increase, or by an absolute number. You can set them all to be the same price, etc.

You can save a lot of time here.

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Stock that doesn't sell is alluded to as dead stock. This stock takes up space in the shop and storeroom, where it is often neglected. It usually costs money to get rid of it. The best solution is not to get it in the first place.

This is not easy. The truth is that no one wants this dead stock. Everyone is trying to get rid of it, and if you are not careful, your suppliers will often try to get rid of it by shipping it to you.

Here we will discuss how your POS software can help you to stop getting more of this stock.

In your point of sale, software go to the stock maintenance and/or stock received.

Now edit the item. See the image below.

How to censure  a magazine

See where the red arrow is pointing. Mark it here as discontinued.

From now on, it will show it as NOT WANTED. If it does come into the shop by some chance, our point of sale software will put it on a list to be instantly returned.

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Now is your last chance to review your merchandise before the holidays, as running out of stock now can have a dramatic impact on your business. Most usually recommend buying small items and ordering many times but not now unless you have some terrific deal. Most now recommend if you can get grab it.

Here is a unique report that is fast to run and checks the stock levels of what you have that is selling.

In the Cash register report,

Stock> Sold out or Selling Out Stock Lines

(See the selection highlighted in green above )

Enter last month, put in a sell rate of one (1), enter a quantity of less than two (2) items and see what you get.

Another example of how our POS Software gives you the information you need!

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This is happening because we have so many integrations with suppliers. Our clients are now are often simply importing in the suppliers' files, great. 

But what is happening is that suppliers, when faced with 

-A product name that is too large for their systems
 -Products so like too many of their other products 
- Laziness

summarise the description. 

Look at the above real example. What does TAS mean? Looking at the book, our client could not find anything that made sense. We think it might be the supplier code "Trade At Settlement" since it is used by several items in their catalogue and the only thing common is made in Canadian. So it is was used to mark a product whose price is to be decided when payment is due because of currency fluctuations. For example, if you buy in Canadian dollars, you will not know the cost till the date of settlement. 

Now, what happens when your staff are looking for the item in your system and see the TAS? How does it help them?

If they cannot find it, they cannot sell it?

If you encounter this problem in your system, you need to change the description to something more meaningful.

A quick way of checking the most commonly handled products in your shop is to go to Register reports.

Now pick "Top N Stock Sales for a Given Period."

 

Now in the form put in the two months and ask in order of quantity and see what you get. If you cannot recognize some of the descriptions how can your staff?

Now it is up to you to do something!

 

 

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Today, we are struggling to cope with the impact of pandemics on our supply chain. It has become more than a severe inconvenience that is affecting profitability.

On top of the supply problems, many suppliers struggling with shortages are quietly increasing prices and substituting old formerly unsellable stock. So prices are going up everywhere except in official Treasury figures.

What happened to us lately is interesting. We ordered two items for around $ 18 unit price and with a shipping cost of $15. But what happened was we were charged the two shipping costs of $30 in one parcel. They never did that before.

You must be cautious otherwise, you will not notice the price increase or replacement.

Older legacy systems with inadequate stock tools cannot do this. Here's a valuable screen if you need to check

Stock maintenance> History tab> Price change

What it does is provide a product history for each barcode and price change over time.

It is worth studying as this screen will be invaluable for you over the next few months until we get over this supply crisis.

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