196 | Your Stock Management Questions Answered

The Resilient Retail Game Plan

Today I will be answering four questions that I've been asked from my membership and mastermind about stock management.

If you've got a question about stock management that isn’t answered by today's podcast, you can join the Resilient Retail Club, where you will be able to ask me whatever questions you’d like whenever you like.

And if you have enjoyed this series on stock management 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] Your Stock Management Questions Answered

[01:51] If you have questions about stock management that are not answered here reach out!

[02:22] Question 1: I'm a stationery company and I sell both direct to consumer and business to business. It would take me around 10 business days to get more stock. I've heard that you should always order the minimum order quantity (MOQ) when testing out a new product. But what if that minimum is one?

[06:28] Question 2: Quite a bit of my stock has a really long lead time, like six months, and I need to buy quite a bit to get a decent price in shipping. How do you balance making sure you don't run out of stock with not carrying too much? Should I carry smaller amounts and order more often, even if it means the margin takes a hit?

[10:16] Question #3: I would like some guidance when stock has to be ordered a long way in advance. So for example, in my case, children's clothes are pre-ordered in autumn for spring delivery with new designs and styles released. I find this challenging as I'm being forced to buy in larger quantities than I would usually as I can only pre-order. They have no stock to order again if I misjudge. Plus it's a new design so I feel like I'm gambling on what would sell well. Often the order arrives one to two months late and it is a large sum of money I have to pay in one go when I wouldn't usually spend like that.

[15:58] Question 4: I'm buying Christmas stock, how much stock should I have, ideally in terms of value? Is it as simple as I want to turn over X during November and December so my stock value should be Y?