Stock planning in retail is tricky. What you do not want is a shop full of slow-moving stock, you need stuff that sells! Besides the problem that this stock is taking up space and capital, it is also not bringing in customers.
There are several ways to identify what is your slow-moving stock, but as a rule, a stock item that sells under $100/year is slow-moving. The first point before you can do something is to identify all these items.
So go to Register reports > Stock > Slow moving Stock lines
Now I put in a year of sales, and I say anything that I have stock in and have sales of less than $100.
I find it best to work by department separately, so in this shop, I was looking at the stationery department.
Now we got a report of 81 pages of detailed information of all the items that we considered slow-moving. It totalled almost $80,000 worth of worthless stock.
So we have someplace to start.
Such stock analysis can provide you with insights to improve your decision making that can help you reduce costs and improve sales.
Give it a try.
