Would you let cash walk out the door?

What if you could make one change in your store that would increase your insight, open up opportunities for increased revenue and reduce the amount of money you lose? You’d be wondering where to sign up, right?

We hear a lot about working smarter, not harder, and managing your stock and losses is the ultimate smart move in retail. Not only that, it’s probably the easiest change you can make it your store today. 

Yet, so many businesses don’t bother to do this simple exercise, and haemorrhage money as a result. The worst part? They don’t even realise how much money they’re losing - because they’re not seeing the full picture of what’s happening within their store. 

If there’s anything our 40+ combined years experience in retail has taught us, it’s that the more margin people make, the more they forget about the basics. This is why warehouse management experts maintain the least losses - when you’re only making 3-4% margin, you simply can’t afford to. 

Your argument might be that you simply don’t have the time or resources to manage stock and waste, but do you realise that in the long run you would actually save man-hours and free up staff’s time?

It would be ideal if you only paid for merchandise after it has been sold, but we all know that isn’t the case. In the real world you spend substantial amounts every week re-stocking your store, it is vital for your success that this money is spent wisely – the sales of those goods pays for everything else.  Knowing what you have can help you identify:

As a retailer, there are 4 things you need to monitor: 

Keep track of the first three and use these figures to determine the 4th. 

So if it’s such a no-brainer, we doesn’t everyone manage their stock and waste? Your guess is as good as ours …