A retail inventory count is crucial to running a business but can feel overwhelming. It takes time to coordinate and it can be difficult to know what steps to take.
If you are planning a retail inventory count, we recommend contacting us at least 4 to 6 weeks before the count date, especially towards the end of the year.
Planning a Retail Inventory Count
Before contacting any inventory service provider, you will need to decide what kind of count you require and at what frequency.
Many businesses choose to do an annual inventory count of the entire store. Annual counts often occur at the end of the year, but it’s important to keep in mind that many companies like ours charge peak rates for end-of-year counts as well as additional charges for weekend counts. You may also opt for inventory counts on a more regular basis- semi-annually, quarterly, or even monthly. The recommended frequency depends on your specific inventory needs.
Particularly with first-time clients, we require you to be there, which means you need to plan and schedule the count when you are available. It’s also helpful if you are there to receive all the reports at the end of the count, particularly if you need them for tax purposes.
End-of-year counts often need to be more thorough and detailed. To make the inventory process as quick and efficient as possible, there are some ways you can organize your store ahead of time. For example, having enough staff available in the lead-up to the count and the day of account is essential.
Signs It Is Time for an Inventory Count
It may be time for an inventory count if:
- Your inventory levels are irregular, and you are concerned about theft.
- If you notice inventory is expiring.
- Space is limited due to inaccurate ordering.
- You are preparing for tax season or need stock values for your accounts department.
How To Plan a Retail Inventory Count With Monarch
Monarch makes physical inventory counts simple.
You can call our scheduling desk if you are in need of a count. They will ask the questions that are needed to give us a high-level overview of your concerns and goals and the type of inventory count you require.
The more accurate information you can provide, the more accurate we can be in our estimates. Our estimate is all-inclusive and includes team size, project dates, and the processes involved.
We will also email you to confirm your inventory count date and the type of count you are doing and send you a prep guide. The guide helps you prepare your store for the count, which saves us time and saves you money.
We recommend a lead time of 4-6 weeks before your count, but if, after reading the guide, you realize that preparing your store will take longer, you can communicate that with us.
Some of the things you can do to make the count more efficient are:
- Give us the departments ahead of time so we can set your margins.
- Organize your store based on product type or price category.
- Make sure the storeroom is easily accessible.
- Have a system in place for kick-outs and Not Found items.
- Send us pictures of your store so that we can create locations.
- Ensure labels and tags are legible and accurate.
Let Us Take Care of Your Inventory Needs
We understand that downtime costs you money, so we have created a process that uses well-trained teams and adaptable technology to complete your count. Our team members are trained in various POS systems, and our technology can deal with any on-the-day surprises.
We recommend coming up with a retail inventory game plan for the year so that you can block off time and fully prepare for your count. If you need a retail inventory count, contact us for a free estimate.