VIRTUAL – Stock Control

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.

Date: 5th October 2021

Location: Zoom

Duration: Half day

Cost: HAI Member €120, Non-Member €150 

For more information please contact Aoife at aoife@hardwareassociation.ie or call 01 2980969.

“Would highly recommend this course”

Robert White, Topline O'Connor

“Course very informative”

Benny Dudley, Ronayne Hire and Hardware Ltd

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

Keith Harford’s experience extends to over 30 years’ involvement in business. Coming from a family Fishing Business, through the world of Retail, Keith was responsible for launching Ireland’s first Internet Grocery Shopping Service. Keith has also worked in the world of pharmacy, where he and his team managed up to 145 pharmacy outlets and properties.

Keith has an MBA from the University of Stirling and has associate expert professionals with whom he works on specific projects.He works with countless businesses across many sectors including Retail, Wholesale, Manufacturer/Producer, Import/Export, Logistics and Facilities Management.

For more information please contact Aoife at aoife@hardwareassociation.ie or call 01 2980969.

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