An acute awareness of your baseline stock level is always a must but more so now than ever. Granted, it was easier in normal times but now it is crucial to your survival.
Will you be open for business? Is another Lockdown imminent? How will your stock facilitate demand? Will being overstocked needlessly drain your cashflow? Will stock go out of date before you can return for credit? Will staffing multiple deliveries cost too much? Answering questions like these will dictate appropriate stock levels you need to keep your business lean and could be the difference between whether or not you manage to keep your head above water.
Appropriate stock levels held coupled with smart ordering systems will support you to function at your best and evaluating trends within your business will show you the way. By simply analysing your average sales over specific periods of time you will have your baseline levels. Don’t forget to be mindful of the fact that deliveries need inhouse manpower and logistics so balance delivery schedules with supply and demand accordingly to make it work for you.
