Keeping accurate stock figures and ordering correct quantities of stock at the right price can be made easier – if you know how. This course is designed to help participants manage their stock and resulting costs more effectively.
Time: 9.30am-12.30pm
Date: Wednesday, 5th March
Cost: HAI Member €135, Non-Member €185
Further Recommended Learning:
“Course very informative”
Course Outline:
The management of stock is a core part of every retail business and can easily ‘make or break’ a business. People often quote ‘Cash is King’, because having cash is more important than ‘profit’. Where this is particularly pertinent, is with respect to the amount of stock any business carries. If you get it wrong, it can break the business and if you get it right, it helps to make the business more profitable. This half-day workshop is designed to share key skills to give participants the skills and strategies that will help to have better thinking behind their stock control systems.
Course Content
- Financial Considerations
- Effect of Stock Control on Cash-flow
- What happens to €1 spent in your business?
- Respect for stock
- How Much To Order
- Cost of Holding Stock
- Cost of Ordering
- Effect of Discounts
- Systems of Stock Control
- Basic systems through to fully Computerised Systems
- Scanning from the Back Door through to the Front Door (live-stock)
- Is live-stock relevant to my business?
- Forecasting Future Demands
- Demand Patterns
- Seasonal Effects
- Moving Averages
- Other Trends
- Information from ‘the trade’ and ‘trade sources’
- Stocktaking
- Need for Accuracy
- Reasons for Stocktaking
- Periodic vs Continuous
- Treatment of Discrepancies
- When to Order?
- Safety Stocks / Re-Order Level / Service Factor
- 80/20 Rule
- ABC System
- Other Stock Issues
- Shrinkage / No barcodes / Wrong-selling, etc.
- Obsolete, Redundant and Surplus Stocks
- Identification / Disposal / Seeking Credit
- Stock Control in Action
- Review of good and bad Stock Control practices
- Top Tips
- Tomorrow
- What will you do differently?
Who Should Attend
This workshop is tailored towards the owner/managers of hardware retail stores, builders’ merchants or agri-stores, and their suppliers, who are looking to improve and enhance their stock-control efforts.
Methodology
This is an online training session, trainer led, with plenty of discussion from participants.
About the trainer
Padraig commenced his retailing career with Quinnsworth in 1979 holding various store management roles. In 1990 Padraig joined Aer Rianta International as General Manager, heading up a joint venture business in St. Petersburg that included retail stores, procurement, warehousing and importations of goods and all back-office functions including Marketing, Finance, HR and IT.
Padraig has owned and operated a number of retail stores throughout his retail career and still retains some ownership interest.
Since 2021, Padraig, who holds an MBA from the University of Stirling and a Diploma in Retail Management from the Irish Management Institute, has worked independently with businesses, mainly retail, to help them get the very best from their resources, both physical and their people, through mentoring and training.
For more information please contact Aoife at aoife@hardwareassociation.ie or call 01 2980969.