How often are you reviewing your stock?

Stock management is not a one-and-done type scenario.

I certainly would be able to sit down with you and audit your stock. We would be able to go through it, look at how much you've got, understand what's working, and what's not working, and I could make recommendations on how you could trim that stock back and what you should focus on going forward.

And while this can be incredibly helpful it won’t prevent issues on an ongoing basis.

Moving into a monthly review is a simple, but powerful way to get a vision of what the impact of the month that's just gone by is going to have on your future stock. And then you can use that information to actually take action.

And I'm a big believer in information for action. You want to be able to look at your last month's sales and understand immediately what that means for you going forward.

So today we are talking about my third golden rule of stock management - making stock management a monthly review process and what steps you need to take to accomplish it.

If this all sounds very interesting, but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[00:00] My third Golden Rule of Stock Management: Make stock management an ongoing process in your store

[03:21] Why stock management is not a one-and-done activity for your store

[04:08] What activities are included in a monthly stock management review

[07:08] Examples of what can happen when you are actively managing your stock plan

[08:15] Questions to ask yourself on an ongoing basis about your stock plan

[14:40] The Three Golden Rules of Stock Management

[16:43] Final thoughts and my new service

How well are you managing the most valuable asset in your business?

In other words, your stock. The chances are, if you are a product business owner, whether that is an e-commerce brand or an independent retailer, then the majority of the financial value of your business is tied up in your stock.

And my question to you is how well are you managing that asset?

In the last episode asked you, do you have a cashflow problem or a stock management problem. And I suggested that you have a stock plan to determine the answer. Once you have your stock plan, the its time to dive a little deeper.

Today I want to talk about my second golden rule of stock management. And that is be really clear about what's selling and being productive in your business versus what isn't selling and is sucking up all of your cash.

If this all sounds very interesting, but you know, for a fact, you will just not have the time to do it, then I do encourage you to join the waiting list for my new service, which will be launching later this year. I am going to be able to work with you to manage your stock better. Join the waiting list here: https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[0:00] The Golden Rules of Stock Management Recap

[02:46] The Second Golden Rule of Stock Management - You need to know which stock is selling and which is not

[03:14] A stock plan is a good place to start, but it won't tell you the full story...it has a major flaw

[04:55] We fix that flaw by looking at the tail.

[07:25] Knowing what product is selling and what is not has other benefits to your business that will put you ahead of most retailers

[10:29] Making a stock plan by product type helps you understand even more

[12:14] If creating a stock plan by product type is overwhelming - then try a stock-to-sales ratio

[14:35] This is what you should be doing to start getting control of your stock

[16:22] Do you need this but find it overwhelming? Then learn more about my newest service

Is your cash flow problem really a stock management problem?

The reason I asked this question is because recently when I ran the Retail ROAR summit, I asked everyone who signed up what their biggest issues were. And the biggest issue that came up, particularly in people with a six-figure (or more) businesses, was their cash flow and people were talking about issues that they were having managing it.

This happens to be an area that I love to geek out about so I wanted to share my experience from the retail industry to explore how improper stock management can lead to significant cash flow challenges. And to that end I have three golden rules for stock management that I want to share with you over the next three episodes.

Today is Golden Rule Number One - have a stock management plan. We dive deeper into why this is so important to start with and I will give you some tips on how to accomplish this.

And if you are looking to get some help with managing your stock register to get more information about my latest service at https://futureretail.lpages.co/feel-good-business/

Let’s Dive In:

[00:00] Introducing The Golden Rules of Stock Management

[02:0]3 Do you have a cash flow problem or do you have a stock management problem?

[07:56] Why I understand so much about stock management.

[10:18] How Tame Your Tiger will help your stock management

[12:43] Golden Rule of Stock Management #1 - Have a Stock Plan

[18:05] Coming Up Next - What is driving your sales?