Stock Tidy Up – Be smart with your inventory
There is certainly truth in the phrase “tidy home, tidy mind” and the same can be applied to your work space. The intention here isn’t to lecture you on your cleaning habits, rather highlight that if you’ve got stock which isn’t moving, do something about it.
SLOB’s (SLow moving & OBsolete) stock or other un-utilised assets in the business can prove costly for businesses. Being smart with your inventory reduction strategies can prove invaluable for your business.
Do you keep an eye on lead times for certain goods? Being able to forecast when goods need replacing will ensure you’re not stuck with old stock that you can’t shift.
Likewise, if you don’t know how long certain items of your inventory have been there, how can you know when they’re ‘old stock’? Keeping a dated inventory allows you to see when you need to be making reductions.
Ensure you’re valuing goods and assets fairly in your accounts and that the way you record them doesn’t affect the value of the business. Decluttering and tidying your office, shop or warehouse will also increase space to better display faster moving items.