5 Tips for Managing Stocks of Goods during the Covid-19 Pandemic
The business world has been disrupted since the arrival of Covid-19. Many business people lay off employees to cut employee salaries. More stock items are buried in warehouses. A more extreme business has ended up going bankrupt.
This kind of situation got out of hand. No one can predict when a pandemic will end. This means, like it or not, you as a businessman must be prepared to live with a pandemic.
As long as the vaccine has not been found, positive victims continue to increase, so all parties must be vigilant, including business people, both small, middle, and upper levels.
As a businessman, you have to be good at resetting your production power and distribution channels. Especially in keeping stock of goods. Many business people go bankrupt because they cannot manage stock items carefully.
Then, how do you manage the stock of goods during the Covid-19 pandemic? Pay attention to the following tips.
1. Managing Old and New Items
The pandemic situation makes things uncertain. You have predicted that there will be an increase in profits but suddenly the pandemic comes and makes all preparations fail.
Failure can be caused by the goods you are selling are not absorbed in the market. This is normal because human activities are limited so that consumption power decreases.
For a stable cash situation, you need to make changes. To maintain stock, you can sell old items at low prices. If your item is books or cosmetics, try making cheap packages.
This method is effective because customers get a lot of goods but at low prices. You can do this as long as the calculations are correct.
That way, when new items come in, you don’t have to worry about managing stock items. Smooth production, safe distribution, stable company cash.
2. Manage Digital Warehouse Usage
The pandemic has changed old habits, including doing business. When you ask employees to check the stock of goods, they will go around from one shelf to another.
However, this needs to be minimized. Reducing contact and maintaining distance are simple things that can be practiced for your employees. Alternatively, you can use the shift system to minimize face to face.
Even so, in an era of pandemics like this, digital warehouse programming is more needed. Your employees can check the flow of goods in and out, which items are priority, or which items are deadstock.
With a digital warehouse too, you help employees to always maintain their health.
3. Report Stock Value
Maintaining stock of goods so that production is not excessive is an important thing in doing business. You can manage it through storage in a digital warehouse or check reports regularly.
Reporting the overall value of the stock is more useful than just keeping track of how many items came out. Because, with this report, you can find out the number of goods that are in and out. Besides, you can check that there is value-added compared to the previous month.
4. Flexible Access for Suppliers
What is worried about during a pandemic is the decline in the distribution of goods. This is because prices are unstable and store cash is unhealthy. Consumption from the public also decreases, making your online shop change behavior.
So that the inventory becomes chaotic. To minimize chaos, you need to provide flexible access to suppliers. At times like this, you need to compare prices from which suppliers are more affordable.
5. Calculating the Stock of Goods Periodically
Because of the pandemic that doesn’t end, you need to check the stock as often as possible. You need to understand which items can be sold quickly and which need to be stored.
So, you can coordinate with suppliers to determine the stock of goods. By calculating the stock regularly, you will avoid excessive stock of goods.
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