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What is stock? Why do business owners need to know?


What is stock? Why do business owners need to know? In the old days, starting a business was very difficult. That's because in the past, communication channels, transportation, or even reaching customers were not as advanced or advanced as they are today. If to give an example to show more pictures In the past, if we wanted to buy something We need to travel to the storefront. To see if those stores have stocked the products we need or not. But on the other hand, at present, we do not need to waste time traveling to the store just to check the product information. What is the price, how is the quality, or is the item still in the store's warehouse? That is because at present, we just pick up a Smart Phone, Laptop or Tablet, we can know everything through channels, whether it is Social Media (Facebook, Line, Instagram), Search Engine such as Google or an Application in Sections of E-Commerce such as Lazada or Shopee. Stock (Stock) is inventory, so inventory management means tracking and managing products in the store to fit the needs of customers or fit the sales. This product may be a storefront product or a raw material used for cooking and beverages. and the purpose of stock management is - Order products that fit the needs of customers - Reduce unneeded inventory costs - Reduce the cost of stockpiling goods and raw materials - Eliminate inactive or dead stock issues - Say goodbye to excessive inventory problems. - Prevent product expiration problems - Provide continuous sales - Support customer/market needs - Know when to order more products 🔹 Why is inventory management so important? As we have already said Effective inventory management is very important for any retail or restaurant business. Because you will be confident that your store has enough stock for sale. And if you can't check the stock of the product is not good enough It will cost your business an opportunity that you can't get back. or result in you wasting money from ordering too many products in stock Therefore, the advantages of effective inventory management are divided into 2 main points as follows :- 1. Inventory management reduces costs and saves budget. - Prevent Perishable Goods – If your store sells items with expiration dates like food or cosmetics, they are likely to perish or expire if you can't sell them before the due date. Therefore, proper inventory management prevents spoilage and allows you to stock up on raw materials more accurately. - Prevent non-moving inventory problems – Dead Stock or non-moving inventory is unsold products. It could be expired products, unwanted products, out of season products. Or products that do not meet the needs of customers at that time, if the store has too many stocks of this type of products, it will only have a disadvantage and manage the product stock perfectly. will prevent this problem - Reduced storage costs – Of course, storing goods in the store is also costly. especially when you have to rent a warehouse The cost will fluctuate according to the number of items stored. When you stock too many products or that type of product doesn't sell very well. The cost of storage will be higher. So manage your stock well beforehand. will save money in this section. 2. Inventory management improves cash flow Cash flow or cash flow is the counting of money flowing in - out or cash flowing in the store. If this month has more money flowing in than outflow If you earn more than your expenses, your cash flow will be positive. But if this month money outflows more than inflows If the expenditure is greater than the income, the cash flow will be negative. If the cash flow is very positive, the cash in the store will continue to increase. Conversely, if the cash flow is often negative, the cash will eventually run out. And as a result, the business or shop will not be able to continue in the end. which is the reason Efficient inventory management is not only cost-beneficial. but also improves cash flow Because stock is a product that you have already paid for. (This may be in the form of cash, check, or transfer) and then you sell them to make money. But when this product is located in the warehouse We can't call it money. This is why inventory is so important to managing cash flow. because stock directly affects sales and expenses Because they tell you how much you can sell and what you need to buy. And both factors have a huge impact on how much money you have. In other words, good inventory management leads to good cash flow management. When you have a good stock management system. You will be able to check the stock accurately. can forecast sales and know when to order more So this system will not only increase your chances of selling. But it also helps you plan your purchases to make sure you have enough stock. “The money you spend on inventory doesn't help your business grow. So you have to manage it well.” 🔹 Effective inventory management Where do I start? Stock management is something that you can define. Which is considered as one of the advantages of doing business. Then the management system of each store or company will be different. However, to be able to do business successfully It must start with eliminating inventory management mistakes as much as possible. That means using a stock management system or inventory program is worth considering. What if you are a StoreHub customer or are already using our POS system? I must say very lucky. Because in our system, there are built-in features to manage and count stocks. And with the POS system that comes with this powerful stock management feature. To make managing your products and business easier, we have 6 little techniques for shop owners like you as follows: 🔹 6 techniques that can manage stock in a fist 1. Set the stock alert level. You can also manage your inventory more easily. “Stock Alert Level Setting” for each product by the alert level that this is The minimum quantity of goods you have prepared to be available for sale at all times. and when the remaining product is less than the set amount This feature in your POS system will notify you immediately. Then you will know how many products to fill. It's also more accurate than calculating stock in Excel or a paper counting method. The level of stock alerts actually differs depending on the product and customer needs. In order for you to be able to alert the stock of the product. You have to research and choose how many products you need to be enough to sell in the store. Don't forget to check the minimum quantity of these products regularly. Because each time may have different needs of each type of product. Don't be afraid to adjust the product alert level to your store's situation. Now managing your inventory has become easier. 2. First come first First-come, first-first-served, or in English called “First-In First-Out (FIFO)” is an important principle in stock management. You must sell that product first. This principle is also very important for perishable or expired goods, such as food and beverage stocks, groceries, and cosmetics. Alternatively, you can apply this principle to general stocking, such as items that sit idle behind a shelf and won't reach them. Because the package and design of the product also has a period that is popular and during the downturn as well. And of course, you wouldn't want those products to become unsold, right? Therefore, if you want to stock up on products properly You must maintain inventory that complies with the “First-In First-Out (FIFO)” principle. You have to rearrange the product. and place the previously ordered products in the front will be able to pick up from the warehouse to sell more easily And this technique can also be used for product placement in the store. 3. Build a good relationship with suppliers. Suppliers are those who distribute products to you. This is another part of successful stock or inventory management. Then you have to deal with the changes fast enough. Whether it's checking stock regularly, returning rarely sold items to clear space for new products, restocking best-selling products, solving production problems. or increase the space to store products You all need a good and strong relationship with your suppliers. Because this will make suppliers happy to work with you. or even willing to help when there is a problem more than that You can also negotiate with suppliers when ordering small quantities of stock. Remember, don't be afraid to compromise with the supplier. So you don't have to order more than necessary. Having a good relationship with suppliers That doesn't mean you have to be friendly or approachable. It also means having clear and confident communication. Let them know your expectations, for example, if you want to increase sales for the month, so suppliers can prepare stock exactly what you need. Or if you can't produce it in time, how can you plan a promotion or find another product to sell at the moment? 4. Plan ahead There are many unexpected things in stock management. which this problem may be - Selling well until the product is out of stock - No cash flow or cash flow when you need to buy the desired product. - Not enough space in the warehouse to store the best-selling products at that time. - Calculate and count the wrong stock This results in not having enough products to sell or having too many items on some items. - There are too many products that don't sell well. So there is not enough space to store other products. - The supplier doesn't have a product and your store needs it. - The supplier ceases to produce the product without prior notice. In fact, it's not really about the problem. But it is the moments when these problems arise that affect you. Try to find information or calculate where your shop is at risk. and prepare a plan to cope with it, for example, if this problem occurs, What does it take to solve the problem? and what problems will this affect, etc. You'll see that planning ahead can help manage your inventory more smoothly. And inventory management will be more efficient than ever. 5. Precise demand forecast The most important aspect of inventory management is Accurate forecasting of customer needs Because of course, you don't want to have too much stock. Or that there are not enough products to sell for sure. And this forecast is difficult to make because there are many factors that can cause inventory management to fail as expected. Besides, you can't calculate everything and count inventory exactly, but you can only calculate as close as possible. - Marketing Trends - Compare sales in the same period last year - Annual growth rate - Factors affecting customer demand in each period - economy - promotion - Advertising and marketing expenses - Political factors - social currents - Technology Trends Here are some things to consider when you want to more accurately forecast your customer needs. 6. Quality control Although there is a stock counting feature in the POS system to help track the amount of inventory. But you should regularly check the quality of the items in stock. by having the staff check to see if any products are damaged or not And don't forget to double check to make sure that your products are in perfect condition before selling them to customers, such as labels and boxes that are not torn or dented, etc. so that there are no mistakes in stock control and tracking. This time when selling products to customers. There will be no problem refund or return. And also make your customers impressed with the product as well. Do not forget that when the stock is ready for sale. Quality must come first as well. ------------------------------------------------------------------------------------- Interested in online marketing care services | online marketing | complete graphics | can contact us anytime | brand building | online marketing | online marketing plan | brand building | Facebook fan page care | Take care of LINE OA. You can contact us 24 hours a day. Details of online marketing services >> https://www.chatstickmarket.com/langran Examples of various brands that we take care of online marketing >>https://www.chatstickmarket.com/portfolio --------------------------------------------------------------------------------------- 💙 Consult our team 💙 📱Tel : 0840104252 📱0947805680 Office Hotline : 034-900-165 , 02-297-0811 (Monday-Friday) 📨 Inbox : http://m.me/ChatStick.TH ┏━━━━━━━━━┓ 📲 LINE: @chatstick ┗━━━━━━━━━┛ or click https://goo.gl/KuzCpM 🎉 details at http://www.chatstickmarket.com/langran 🎉 See our work at https://www.chatstickmarket.com/portfolio

What is stock? Why do business owners need to know?


In the old days, starting a business was very difficult. That's because in the past, communication channels, transportation, or even reaching customers were not as advanced or advanced as they are today. If to give an example to show more pictures In the past, if we wanted to buy something We need to travel to the storefront. To see if those stores have stocked the products we need or not. But on the other hand, at present, we do not need to waste time traveling to the store just to check the product information. What is the price, how is the quality, or is the item still in the store's warehouse? That is because at present, we just pick up a Smart Phone, Laptop or Tablet, we can know everything through channels, whether it is Social Media (Facebook, Line, Instagram), Search Engine such as Google or an Application in Sections of E-Commerce such as Lazada or Shopee.


Stock (Stock) is inventory, so inventory management means tracking and managing products in the store to fit the needs of customers or fit the sales. This product may be a storefront product or a raw material used for cooking and beverages. and the purpose of stock management is

- Order products that fit the needs of customers

- Reduce unneeded inventory costs

- Reduce the cost of stockpiling goods and raw materials

- Eliminate inactive or dead stock issues

- Say goodbye to excessive inventory problems.

- Prevent product expiration problems

- Provide continuous sales

- Support customer/market needs

- Know when to order more products


🔹 Why is inventory management so important?

As we have already said Effective inventory management is very important for any retail or restaurant business. Because you will be confident that your store has enough stock for sale. And if you can't check the stock of the product is not good enough It will cost your business an opportunity that you can't get back. or result in you wasting money from ordering too many products in stock Therefore, the advantages of effective inventory management are divided into 2 main points as follows :-


1. Inventory management reduces costs and saves budget.

- Prevent Perishable Goods – If your store sells items with expiration dates like food or cosmetics, they are likely to perish or expire if you can't sell them before the due date. Therefore, proper inventory management prevents spoilage and allows you to stock up on raw materials more accurately.

- Prevent non-moving inventory problems – Dead Stock or non-moving inventory is unsold products. It could be expired products, unwanted products, out of season products. Or products that do not meet the needs of customers at that time, if the store has too many stocks of this type of products, it will only have a disadvantage and manage the product stock perfectly. will prevent this problem

- Reduced storage costs – Of course, storing goods in the store is also costly. especially when you have to rent a warehouse The cost will fluctuate according to the number of items stored. When you stock too many products or that type of product doesn't sell very well. The cost of storage will be higher. So manage your stock well beforehand. will save money in this section.


2. Inventory management improves cash flow

Cash flow or cash flow is the counting of money flowing in - out or cash flowing in the store. If this month has more money flowing in than outflow If you earn more than your expenses, your cash flow will be positive. But if this month money outflows more than inflows If the expenditure is greater than the income, the cash flow will be negative. If the cash flow is very positive, the cash in the store will continue to increase. Conversely, if the cash flow is often negative, the cash will eventually run out. And as a result, the business or shop will not be able to continue in the end. which is the reason


Efficient inventory management is not only cost-beneficial. but also improves cash flow Because stock is a product that you have already paid for. (This may be in the form of cash, check, or transfer) and then you sell them to make money. But when this product is located in the warehouse We can't call it money.


This is why inventory is so important to managing cash flow. because stock directly affects sales and expenses Because they tell you how much you can sell and what you need to buy. And both factors have a huge impact on how much money you have. In other words, good inventory management leads to good cash flow management.


When you have a good stock management system. You will be able to check the stock accurately. can forecast sales and know when to order more So this system will not only increase your chances of selling. But it also helps you plan your purchases to make sure you have enough stock.


“The money you spend on inventory doesn't help your business grow. So you have to manage it well.”


🔹 Effective inventory management Where do I start?

Stock management is something that you can define. Which is considered as one of the advantages of doing business. Then the management system of each store or company will be different.


However, to be able to do business successfully It must start with eliminating inventory management mistakes as much as possible. That means using a stock management system or inventory program is worth considering.


What if you are a StoreHub customer or are already using our POS system? I must say very lucky. Because in our system, there are built-in features to manage and count stocks.


And with the POS system that comes with this powerful stock management feature. To make managing your products and business easier, we have 6 little techniques for shop owners like you as follows:


🔹 6 techniques that can manage stock in a fist

1. Set the stock alert level.

You can also manage your inventory more easily. “Stock Alert Level Setting” for each product by the alert level that this is The minimum quantity of goods you have prepared to be available for sale at all times. and when the remaining product is less than the set amount This feature in your POS system will notify you immediately. Then you will know how many products to fill. It's also more accurate than calculating stock in Excel or a paper counting method.


The level of stock alerts actually differs depending on the product and customer needs. In order for you to be able to alert the stock of the product. You have to research and choose how many products you need to be enough to sell in the store.


Don't forget to check the minimum quantity of these products regularly. Because each time may have different needs of each type of product. Don't be afraid to adjust the product alert level to your store's situation. Now managing your inventory has become easier.


2. First come first

First-come, first-first-served, or in English called “First-In First-Out (FIFO)” is an important principle in stock management. You must sell that product first. This principle is also very important for perishable or expired goods, such as food and beverage stocks, groceries, and cosmetics.


Alternatively, you can apply this principle to general stocking, such as items that sit idle behind a shelf and won't reach them. Because the package and design of the product also has a period that is popular and during the downturn as well. And of course, you wouldn't want those products to become unsold, right?


Therefore, if you want to stock up on products properly You must maintain inventory that complies with the “First-In First-Out (FIFO)” principle. You have to rearrange the product. and place the previously ordered products in the front will be able to pick up from the warehouse to sell more easily And this technique can also be used for product placement in the store.


3. Build a good relationship with suppliers.

Suppliers are those who distribute products to you. This is another part of successful stock or inventory management. Then you have to deal with the changes fast enough. Whether it's checking stock regularly, returning rarely sold items to clear space for new products, restocking best-selling products, solving production problems. or increase the space to store products You all need a good and strong relationship with your suppliers. Because this will make suppliers happy to work with you. or even willing to help when there is a problem


more than that You can also negotiate with suppliers when ordering small quantities of stock. Remember, don't be afraid to compromise with the supplier. So you don't have to order more than necessary.


Having a good relationship with suppliers That doesn't mean you have to be friendly or approachable. It also means having clear and confident communication. Let them know your expectations, for example, if you want to increase sales for the month, so suppliers can prepare stock exactly what you need. Or if you can't produce it in time, how can you plan a promotion or find another product to sell at the moment?


4. Plan ahead

There are many unexpected things in stock management. which this problem may be

- Selling well until the product is out of stock

- No cash flow or cash flow when you need to buy the desired product.

- Not enough space in the warehouse to store the best-selling products at that time.

- Calculate and count the wrong stock This results in not having enough products to sell or having too many items on some items.

- There are too many products that don't sell well. So there is not enough space to store other products.

- The supplier doesn't have a product and your store needs it.

- The supplier ceases to produce the product without prior notice.

In fact, it's not really about the problem. But it is the moments when these problems arise that affect you. Try to find information or calculate where your shop is at risk. and prepare a plan to cope with it, for example, if this problem occurs, What does it take to solve the problem? and what problems will this affect, etc. You'll see that planning ahead can help manage your inventory more smoothly. And inventory management will be more efficient than ever.


5. Precise demand forecast

The most important aspect of inventory management is Accurate forecasting of customer needs Because of course, you don't want to have too much stock. Or that there are not enough products to sell for sure. And this forecast is difficult to make because there are many factors that can cause inventory management to fail as expected. Besides, you can't calculate everything and count inventory exactly, but you can only calculate as close as possible.

- Marketing Trends

- Compare sales in the same period last year

- Annual growth rate

- Factors affecting customer demand in each period

- economy

- promotion

- Advertising and marketing expenses

- Political factors

- social currents

- Technology Trends

Here are some things to consider when you want to more accurately forecast your customer needs.


6. Quality control

Although there is a stock counting feature in the POS system to help track the amount of inventory. But you should regularly check the quality of the items in stock. by having the staff check to see if any products are damaged or not


And don't forget to double check to make sure that your products are in perfect condition before selling them to customers, such as labels and boxes that are not torn or dented, etc. so that there are no mistakes in stock control and tracking.


This time when selling products to customers. There will be no problem refund or return. And also make your customers impressed with the product as well. Do not forget that when the stock is ready for sale. Quality must come first as well.


-------------------------------------------------------------------------------------

Interested in online marketing care services | online marketing | complete graphics | can contact us anytime | brand building | online marketing | online marketing plan | brand building | Facebook fan page care | Take care of LINE OA. You can contact us 24 hours a day.

Details of online marketing services

Examples of various brands that we take care of online marketing

---------------------------------------------------------------------------------------


💙 Consult our team 💙

📱Tel : 0840104252 📱0947805680

Office Hotline : 034-900-165 , 02-297-0811 (Monday-Friday)

┏━━━━━━━━━┓

📲 LINE: @chatstick

┗━━━━━━━━━┛


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