All those salon consumables and all that expensive equipment can be hard to track. Finding tried and tested ways of controlling your stock levels and optimising returns is a quick cash flow win. Here are our top 5 best ways to manage your stock.

All those salon consumables and all that expensive equipment can be hard to track. You've invested your hard-earned cash in stock that can either gather dust or seem to vanish before you know it; finding tried and tested ways of controlling your stock levels and optimising returns is a quick cash flow win. Here are our top 5 best ways to manage your stock:

1. Regular stocktakes—it's as important as checking your bank balance, so make sure that you have a day and time at least once a fortnight (or even better, weekly) to do a stocktake. Use something as simple as a spreadsheet to track salon usage and cross check with your salon retail sales software. It's best to leave this responsibility in the hands of one person that does it routinely rather than sharing the task amongst team members.
2. Carry light—work a maximum of two weeks in advance for stock holdings and only carry what is required plus a small excess of colour (mainly base and common shades). The benefits of regular stock takes include your capacity to carry minimum stock which will leave more cash flow for the business.
3. Shop smart—keeping an eye on supplier deals is a great idea but don't go mad and overstock. Remember shelf life is important and tint does expire. Shop only from reputable suppliers especially with chemicals, scissors and electricals. Look for returns policies and guarantees where applicable and choose trusted traders with a track record.
4. Big-up at the backwash—your backwash shampoos and conditioners should match the quality and brands that you retail in the salon and use that time at the sink to tell your clients what you are using and that it is available. Your clients want to look great every day, not just between visits and your retail brands will help make that happen.
5. Storage matters—how you store your stock is pivotal to successful stock management. The storage areas need to be easily accessible, well lit and clutter free. Tints should be kept in colour order. Organisation saves waste and makes that all import stocktake faster and easier.