The frequency of your stocktake should be dependent on the nature of your business as well as your turnover. As a general rule, we would advise a weekly or fortnightly review. If you have a high volume of business, over thirty to forty thousand euro per week, we recommend a weekly audit. If you do less than that, we recommend a fortnightly review. Below are three advantages to regular stocktaking.
A weekly or fortnightly review allows you to spot any problems easily and avoid the associated knock-on effects. If you complete your stocktaking monthly and you have an issue at the start of the month, for example a delivery that has not been dispatched correctly, it’ll be four weeks before you find out, and by then it will be difficult to remember who delivered it, who took it in and the stock from it will already be in the system causing chaos with your reconciliations.
A second advantage of regular stocktaking is that it will introduce more discipline into your staff performance. They will now be more conscious of their actions and their recordkeeping and this will help raise your pub’s efficiency, contributing directly to your margins.
A regular stocktake helps enormously with business planning. Knowing what to buy, when to buy and what price to sell at will create a more robust business model that is less susceptible to economic or market shocks. It will also help you deliver a more consistent service to your clients as you will not be constantly changing (staff, products, offers) to compensate for fluctuating margins.
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