Business

4 Ways To Reduce Inventory Loss

Written by Chloe Harwood

It can be difficult to keep track of your stock, especially if you have a significant amount of stock that is usually moved in a short period of time. There are many different ways inventory loss can occur, and most of these can be preventable – or at least curbed in particular ways. If you think you may be having trouble with your inventory, here are four strategies you might want to put in place in order to keep an eye on your stock.

1. Tighten Security

Keep a tighter eye on your inventory by implementing more security measures. These may include security cameras and locking up important and expensive products in order to prevent theft. Remember that theft can come from both internal and external sources, so keep an eye out for any suspicious activity as well. If you think you need extra protection, you might even consider hiring some security guards.

2. Management Software

Technology can really help you manage your inventory, and there are now specialised programs that have been developed for this exact purpose. There is a variety of software for sale. Most programs have trial periods, so try them all out to see which one is best suited to your business. If you don’t know where to start looking, you may want to try software such as Fishbowl to get a feel for how these types of programs usually operate.

3. Employee Training

Train your employees properly and impress upon them the importance of keeping accurate records of stock. You can’t be looking after your inventory at all times, so you need to trust that your employees are doing the right thing by you. If you ensure that their training is as thorough as possible, you will be reducing the chances of accidental inventory loss.

4. Review Transactions

Make sure you review all transactions made in your business, and this includes transactions with suppliers as well as customers. Be on the lookout for shifty customers or people who look like they might want to defraud your business – you may need to train your employees to look out for signs of such activity. There are a number of ways people can go about doing this, including attempting to exchange fake products for those that are genuine, or even using counterfeit notes to purchase products.

These are just four relatively simple ways to reduce inventory loss. Of course, not all of these will be suitable for your business, depending on its size and the industry in which it is operating. With this in mind, do not be afraid to try new things – it is the only way to see what will work best for you. Additionally, encourage your employees to give you feedback, as they will be the ones engaging with your processes day in and day out.

Does your business have a large inventory? How do you keep track of everything? Are there particular methods that you like to use over others? If so, which ones, and why? Leave your thoughts and advice in the comments section below.

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Chloe Harwood

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