How much working capital in your business is tied up in stock that isn’t selling fast enough? Are you ordering stock too early, losing track of it or hanging on to it so long it loses its value?
Using an intelligent business system can help you keep a tighter control of your stock and reduce the money tied up in it. In Business Improvement Guide AttachÃ©, it provides 11 strategies for reducing stock and Darrell Weekes takes us through each of these in this edition of BTalk:
- Educate your staff
- Use a business intelligent dashboard
- Use a CRM system
- Automating and tracking document delivery
- Reduce your reliance on paper
- Maintain a perpetual stock system
- Know where your stock is
- Know more about your stock
- Order only what you need
- Sell more stock and speed up delivery
- Have the right stock and suppliers
Get it right and you will reduce your stock days and free up working capital, so you reduce your reliance on loans from the bank. What’s more, it’ll improve your customer service, so you ultimately sell more.