3 biggest blind spots in stock management, from MYOB.
For anyone that has never had the eventful job of purchasing, warehousing or selling stock, it’s sometimes hard to imagine how complex a task stock management is. On paper, the business model of a retailer or wholesaler looks something like this:
- Buy stock in bulk for cheap
- Store stock
- Sell stock at a profit
Isn’t that nice? It’s a simple 1-2-3 step process just like baking a cake. This is where you’re wrong.
Once your business starts outgrowing your dining room office and your warehouse garage, managing your stock can be a nightmare. This is when you’ll appreciate how complex good inventory management can be.
But first you need to know where and what you need to improve on. I’m going to offer some suggestions to help you start thinking about your stock differently.