#stock Taking/inventory management #

Hello steemians,
How's your day going?well am here to give out an information on stock taking and it will help our business grow.
The first thing we must do first is count

Count! Count! Count!!!?

Counting is the major activity of Stock taking.
Recording is the next step.

Stock taking is an activity that spans across different areas of our lives.
When you take your car to an auto repair shop for maintenance,you are actually engaging in the activity of stock taking where they check your car thoroughly, remove or repair necessary areas and give a report (Oga your car is good to go or Madam you need to change cuz in your car)

When you go to the hospital you are actually taking stock of your health, you run some test and you treat what needs to be treated

So I wonder how a business owner can run his/her business without taking stock of his goods.

What is Stock Taking/Inventory Management?
Stock taking, also known as inventory audit or stock counting, is the process of physically counting and recording the quantity of goods or materials held by a business. It provides an accurate snapshot of a company's assets at a specific point in time, aiding in effective inventory management.

Why should you Take stock?

Financial Accuracy: Stock taking ensures that a company's financial records align with the physical goods on hand: Eg. if you buy 100 items and you sell 30, you have to ensure that the goods left in your shop sum up to 70.

2.Operational Efficiency: It allows you to know when to restock or understock, when you carry out an inventory check you can tell which item needs to be purchased

Preventing Losses: Regular stock taking helps identify discrepancies such as theft, damage, or errors in recording, enabling businesses to take corrective actions and prevent financial losses.
Order Fulfillment: Accurate stock levels enable businesses to meet customer demands promptly, avoiding delayed deliveries and potential customer dissatisfaction.. Don't wait until a customer demands an item before you realise it is finished.
Strategic Decision-Making:Real-time insights gained from stock taking empower businesses to make informed decisions regarding purchasing. You can tell which product has a high demand and stock up on time.