Lower revenues, fewer customers, more regulations and requirements - COVID is doing a number on many of our businesses but there is a silver lining…
If your business is slow and you are opting for reduced hours, now might be the time to get to some of those projects you don’t usually have time to do – reorganizing inventory, completing parts reconciliations or training staff on best practices.
Mid Year Parts Inventory
Annual inventory counts are critical to the success of your business. It ensures your inventory is accurately recorded come year-end for tax-filing season. But did you know that regular counts throughout the year can be an effective way to improve inventory management?
Now that you are operating on reduced hours and with reduced staff, it may be the optimum time t0 conduct your mid-year inventory, to uncover problem areas and identify ways to improve efficiency.
Having a well-organized and effectively managed automotive spare parts inventory plays an important role in ensuring efficiency, productivity and customer satisfaction in the parts and service departments.
It also helps parts staff plan better, reduces the chances of ordering parts that are already in stock and helps minimize obsolescence.
More importantly, an efficiently organized inventory system reduces costs and maximizes your position.
Whether you’re looking to reduce obsolescence, address overstocking issues or improve in-house parts availability for your dealership, now is a great time to start getting your shelves and storerooms set up for success.
A common mistake among many dealerships when it comes to inventory management and physical counts is the untrained staff.
While inventory management can seem like a simple task, organizing, forecasting and keeping track of your inventory requires many skills and, often, employees with specialized roles.
Not to mention, there are many mistakes that can be made, which could negatively affect your inventory accuracy. These could include:
counting parts without verifying the part number,
counting packages with multiple units as a single unit,
missing parts that are not clearly visible or improperly labelled,
and much more.
That is why making sure your employees are professionally trained is so important.
Whether you want to train recent hires or provide a refresher to team members who have been with you for years, this slow time could be your opportunity to better equip your team with the experience and knowledge they need to optimize their performance.
At Pro Count West, our team has the necessary skills to help with all areas of inventory management from staff training to completing physical counts. To get our team’s help with getting you ready for business as usual, contact us today.