The stocktake is a boring yet essential part of running a salon. You need to know what items you have in stock so you know exactly what you need to order. Taking stock will also help you to spot seasonal trends and plan for the future.
Without a stocktake, you’ll never know what you need to order more of. And you could end up wasting lots of stock that goes out of date. A messy stockroom can also add to your workload and lead to damaged stock that you can’t sell.
So while the stocktake might not be the most fun aspect of your job, by making it as organised and efficient as possible, you can at least make it quick and painless. If you’re a fan of trend forecasting and predicting the next big products, the stocktake process can actually be quite fun, as you’ll get to see the results of your predictions in action.
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Before you get starting, plan out your process so you know exactly what you are doing. A stocktake should be quick, efficient and not take up too much of your time. When you know the process inside out and what needs to be done, you’ll waste far less time on the process.
The stages of the stocktake typically include:
Your stocktake might look different depending on the size of your stockroom. For example, you might need to include multiple people in this process if you have a very large stock room. Or you might skip the organising if you generally keep your stockroom in order. Just make sure that you design a stocktake that works for you.
You might print out your stock list, but the records that you keep need to be digital. Our salon management software will allow you to do this with ease. Keeping digital records will help to keep things more accurate and will also make it easier to see the current value of your stock.
Keeping paper records of your stock will make it more difficult to keep things updated. With digital records, you’ll get an alert when anything is running low, and this will help you to keep on top of stock levels. You’ll have a better understanding of your stock value at a glance, which is essential as this is money that you have invested in your business.
Once you know what you have in stock, you can identify gaps in your stock and replenish your stock room. You’ll be able to spot what is selling well and what is sitting around for longer. This can help you to plan promotions, giveaways and bundles.
Stock loss and shrinkage is a reality for most businesses. While you might be able to keep it to a minimum, accidents can happen. Unfortunately, theft is also a reality for many salons. If you are experiencing high levels of stock loss, you might want to consider keeping it out of view.
Stock loss due to damage may be rescued by offering discounts on the items. This should at least help you to make back the cost of the product so that you aren’t out of pocket. Many customers will be happy to pick up a bargain on an item, provided the item isn’t too badly damaged.
Your stocktake is the perfect time to determine what you should sell more of and what simply isn’t moving as fast as you’d like. As a trend forecaster, you need to keep a finger on the pulse of what is happening in your industry and be prepared to keep up with the latest trends. If you’re failing at this side of the job, it will be evident from your stocktake.
Be wary about jumping aboard trends until a product has shown to be popular with customers. You can always take pre-orders of popular products so that you don’t have to make a big investment in something that might not sell.
Once your stocktake is complete, make sure you establish a system for keeping the stock area clear. When new stock arrives, take the time to unpack it carefully rather than leaving it in boxes.
You’ll also need to add the new stock to your inventory so that your records remain up to date and accurate. It might not be the most glamorous part of the job, but it’s an essential part of running a successful business. Without careful stock control measures, you could end up throwing money down the drain.
