To increase your cash flow and reduce the amount of stock that you have you might need to consider how you are going to sell your stock better or what money wasting items need to be removed from your stock lists.
As a business owner it is important to carry out regular stocktakes and eliminate slow moving, old or dormant products/services so that you only specialise in money making activities and continue to build cash flow for your business.
If it is sitting in a storeroom, on a dusty shelf or just hasn’t been touched for a reasonable amount of time, it needs to go.
It may be worthwhile considering what to do with your old stock and how you are going to sell it. This may mean that you.
It may also require you to bundle your old stock with top selling items so that the stock is purchased and moved out of the business. You could have a bulk purchase special on these items depending on how much of it you have an what it is, such as 4 for the price of 3 or a carton for half price, etc. If you’re finding it difficult to sell in any format you may have to decide on giving away the items as a gift with purchase.
You are allowed to be creative when it comes to removing old stock and if you can implement a system where you are getting money for it somehow then it is entirely going to benefit you and your business finances.
There is no point keeping stock that doesn’t do anything, especially if it doesn’t make you money.
Look at your other products/services and determine which are the best-selling items and promote those. These will bring you higher revenue and hence you will make greater profit margins in return.
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