Are you considering taking on a stock taking career but you don’t know where to start from?
Let’s dive deeper to clearly understand what a stock take job entails and how you can succeed in this career path;
What is Stock Taking?
Stock taking is the process of physically counting all the stock and matching them up to the stock records. The frequency of stock take varies between businesses, with some preferring once or twice a year, while others preferring to do it on a monthly or quarterly basis.
When there are discrepancies in the manual stock count and electronic records, you will notice a range of issues which will help you put processes into place to ensure better stock control and management. This will lead to increased profits in the future.
What is the Job Description?
- Receive, store, and issue materials, equipment, and other items from stockroom, warehouse, or storage yard.
- Make physical verification of the quantities and condition of items held in an inventory or warehouse.
- Provide an audit of existing stock.
- Keep stock records.
- Compile stock reports and stock discrepancy information.
How Valuable You Are You to Your Employer?
For a business to remain profitable, stock taking highlights areas that need improvement. Here is the list of reasons why most warehouses and production businesses require stock takers to grow their profit margins;
Regular stock takes alone are enough to expose theft incidents. An unfortunate reality in the retail business is that theft will always affect stock take numbers and cause discrepancies. Even more unfortunate is the fact that the staff is also to blame for these numbers.
While discrepancies due to theft are a fact of life and you’ll never be able to eradicate shoplifting completely, your role will highlight if you have a major issue on your hands. It may be the catalyst for a security review and a crackdown on unscrupulous employees.
2. Discover Additional Stock Shrinkage Issues
Theft is not the only issue you will encounter when stocktaking. You will also notice if there are damaged goods, unprocessed or missing orders, and poor stock control practices.
For example, if a pallet of the stock gets damaged due to a leak in your storeroom or warehouse, ensure that it is repaired so this kind of thing doesn’t happen again.
3. Ensure the Business is Meeting Targets
One role of a stock taker is the ability to find some major discrepancies in the companies numbers. Such discrepancies will cost the company in terms of risk of not meetings financial goals. It’s better to discover this sooner rather than later and this is why your role is key.
Fixing the problem immediately saves you from a nasty surprise at the end of the financial year.
4. Close Eye on Product Performance
Stock take puts a track of profitable products and less profitable products into focus. If you have large numbers of a product that has been on the shelves for months, it’s a good indication that you may have to slash prices for the stock to move.You might also discover a product that is selling extremely well, which means you can order more of it and even test the waters with related products.
5. Improve the Stock Ordering Process
Stocktaking will also highlight any shortages and prompt your managers to order more. There are things that even good inventory management software can’t always pick up. This is why your role as a Stock taker is vital to keep the business running. For example, when an order is made for a whole pallet of super popular t-shirts, what you do as a stock taker will reveal that a large portion was damaged in transit, or even stolen.
Can you think of any other reasons why stocktaking is so important? Let us know in the comment section below.