195 | The Third Golden Rule of Stock Management

The Resilient Retail Game Plan

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