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194 | The Second Golden Rule of Stock Management
Manage episode 413116841 series 3466336
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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
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