How You Know You Have Slow Moving Stock, And What To Do About It!
While the Owner MD is running from one high priority/crisis to another, at some point the problems caused by slow-moving stock come square into focus, for any of the following reasons:
- You’re running out of warehouse space
- You’re continuously writing off huge amounts of stock
- You don’t have enough cash to buy new stock
- Certain stock is becoming obsolete
- Your sales team are struggling to sell it
……the list goes on.
Because they are fighting multiple fires on multiple fronts, the Owner MD typically approaches the problem in bursts of frustration. Usually pulling “someone” into their office and making this issue “Priority 1” that must be solved now, immediately, if not sooner.
The ripples are felt throughout the business, but because the Owner is now moving on to the next fire, it can be weeks or months before they come back around to taking a look at the same problem and for the most part the problem has not improved, more often that not it’s got worse.
The irritation increases, and the cycle continues until, on a day, at a time there’s a massive blow-up from the frustration and perceived lack of progress.
What to do if you have this problem:
- Identify a person, other than you, who is accountable for solving the problem
- Give them the task of collecting the information
- Clearly state the deadline for putting this together
- Put a (short) meeting in the diary to sit and review what the data is telling you
- Set out actions that must be completed by someone else, not you
- Sit and review weekly at the start, then monthly ongoing
- Make the problem someone else’s in your organisation, not just yours.
Now could be the time to contact us at 059-91-00440 and we’ll go take care of it. Or Fill In The Form And We Can Schedule A Phone Call.