In #2, we mentioned a few common inventory problems faced by Small and Medium Enterprises. And we intended to summarize the solutions in this post and a few coming positngs.
The very basic solutions are to have a proper stock records, that have keep tracked on the following:
1) Stock Balance information
2) Recording of stock-in
3) Recording of stock-out
We noted that most of the SMEs do not have a proper stock records, and some of the enterprises do not even know the stocks on hand. A proper stocks record enable the owner of the SMEs to develop an understanding on the stock turnover of every single stocks. With such information, the manager is allowed to monitor the purchase more accurately, or even forecast the seasonal sales pattern of respective stocks.
Accumulation of excess stocks represents a cost ( finance cost, maintenance cost), a proper stock movement allow the manager to forms a fundamental basis of developing the Company's purchase pattern without bias (as the manager will be assisted by numerical data).
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