Time-Saving Inventory Tips
Time is money! Saving a few minutes or hours on tracking inventory along with an effective inventory strategy can heighten your operation and improve your profits. Let us help you make inventory woes a thing of the past and save you time with these five money-saving hacks for inventory management.
Five Money-Saving Inventory Hacks
1) Date and rotate your stock: : Always work from first in first out when stocking and using inventory. Properly dating inventory ensures you rotate from back to front when stocking. “Use first” stickers/labels on products makes it easier for staff to identify the oldest items.
2) Buy in bulk: Buying products used consistently in bulk ensures you always have enough inventory and often bulk orders results in discounts, thereby saving you money. Remember to shop around to ensure you are getting the best pricing and quality.
3) Be proactive: Tracking inventory can be a chore, but it is a vital step in any operation, don't put it off for even a day. Weekly inventory tracking helps catch a problem before it happens even more effectively than a monthly count.
4) Come in early: Avoid distractions by coming in early to the restaurant for your stock take. Have two people count inventory together. One calls out while the other records, this will help ensure it is done correctly.
5) Stay Organised: Maximuize efficiency by making sure the inventory is stored neatly and organized, and do so in coordination with the way it is listed, record how much of each inventory item is left in the same order.
When you do your stock take correctly and utilise your Point-of-Sale, keeping checks and balances can save you precious income. By starting early and consitantly checking your inventory you can pick up problems early and able to fix all inventory issues right away to prevent issues in the future.