From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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Stock: The hidden curse

Stock: The hidden curse

From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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Stock: The hidden curse

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- The first area that I want to talk about in terms of saving costs is the cost of stock. Now I've put this first not 'cause it's the biggest, and in fact it may well not be the biggest for you, you might not have any stock, but some companies have quite a lot of stock and it's an easy thing to reduce. And it can be really, really important because stock actually is much more evil than you may realize. So I've got a whole list here which I'm going to quickly zoom through of reasons why stock costs you money, and then we'll look at how can you reduce the cost of stock. So firstly just finding things. If you've got lots of stuff stored in a warehouse, there's time and effort in finding it. Then you've got to rotate the stocks, you've to keep an eye on what's the newest, what's the oldest, dates, moving it around, that sort of thing. Then you've got to count the stock every now and then. You probably have stock checks every quarter or at least every year where you check that you have got…

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