Work your Easter stock to save money & time

As the countdown to Easter begins, we see our high streets starting to bloom with visitors, enticed by warmer weather and the lure of bank holiday weekends. Now’s the time to get crackin' by hatching your stock ordering plans in readiness for the Easter shoppers.

Gone are the times when chocolate eggs and Easter bonnets reigned supreme. Now seasonally themed gifts, wardrobe refreshes and the best local produce all take centre stage, not forgetting the DIY’ers hoping to make the most of long weekends filled with gardening and home improvements.

According to statista : “Following Christmas and New Year, Easter is the second biggest occasion for retail sales.”

Having seasonal increase cover is key when planning your Easter stock, ensuring you not only have the level of cover required for normal trading but also ample cover during your peaks, avoiding being underinsured.

But how can advance planning your Easter stock save you money, stop you running out when it matters?

Putting time aside now for effective planning will have a positive effect on future cash flow. Accurately monitoring and balancing stock levels prevents overspending and reduces the risk of additional costs caused by over stocking, thus keeping cash free when you need it. Too much stock ties up cash that can be invested in other areas of your business, or not enough stock when it really matters could result in the loss of customers.

Review historical Easter sales figures. Looking at how much people spent and what they bought each week over a previous key seasonal period will help you accurately forecast how much you will need this time and at what time. It will also flag the products that didn’t sell well last Easter giving you useful info on what not to over order this time. Remember to keep track of this year’s sales data to help prepare for next year.

Make sure you work in as much advance as possible with your suppliers to ensure you get the stock you need when you need it. With shortages of many supplies currently you want to make sure you are prepared with larger orders of best-sellers to avoid that stock going elsewhere! Ordering as early as possible may also qualify you for early bird discounts. The sooner you get them on the shelves or into your menus the sooner they’ll end up in shoppers’ baskets or on diners’ tables.

Don't be afraid to negotiate with your suppliers to get the best prices for your products. If you are ordering in bulk, you may be able to get a better price per unit. You can also ask your suppliers for extended payment terms to help you manage your cash flow.

If you are unsure of how much stock to order, consider consignment agreements with your suppliers. This means that you only pay for the stock that you sell, and any unsold stock can be returned to the supplier. This can help you manage your inventory levels and avoid overstocking.

How you can best handle your stock once in your premises for maximum financial impact?

Ordering stock in plenty of time allows you to display spring stock in your store and shop window ahead of the Easter peak, enticing customers through your doors looking to bag an early Easter treat. Remember to display stock at different levels - higher for adults, lower for child-friendly items – and that any additional signage, props or display cabinets are ready before your Easter stock arrives.

Storage space for stock is always at a premium in your shop, café, restaurant, bakery or butcher shop, and careful planning optimises space and increases profitability. Improving layout in your premises makes it easier for you to identify missing stock (shrinkage). Regularly re-stock and position items towards the front of shelving or chiller cabinets. Displaying more expensive items in specific areas monitored by security cameras, mirrors and staff also makes it harder for the opportunistic thief. It also discourages staff from theft as they are mindful of the regular stock checks in place.

Make sure your increased stock is adequately protected to avoid losing money if it is damaged in anyway

With the sharp rise in monthly outgoings, it has never been more important for you, the independent business owner, so crucial to our economy, to review and compare your insurance policy and make sure you have the best protection at the best price for your business. Planning ahead, frees up quality time to review your current insurance and check you have not only enough cover for normal trading but also to cover your seasonal peaks.

Expression Insurance give you one less thing to worry about having season stock increase as standard. The sum insured, in respect of stock in trade, is increased each period of insurance by,

a) 25% during the months of November and December

b) 25% for a period of 15 days preceding and including any Bank or Public Holidays and for a period of 15 days thereafter other than occurring in point a)

We will insure the cost of replacing your stock if it is damaged, common reasons for a claim include fire, theft and flood.

Managing your seasonal stock and minimising your risk

Keeping stock accessible and stored safely for you and your staff is vital to any independent business owner.

Avoid stacking boxes to high levels as this makes them unstable with the potential to fall, causing injury. Remember if stacking boxes, heavier items first with lighter items on top.

With the increase in stock comes the potential increase of slip and trip hazards. Ensure stock is easy to access, boxes stored safely and away from main walk ways, and empty packaging disposed of carefully.

Keep fire exits and doors clear of boxes and stock, and bins emptied.

You and your staff must be up to date with Health & Safety procedures, including how to lift boxes and stock items correctly. Ensure training is completed, refreshed regularly and documented for all employees. Should a member of staff injure themselves, and it has been proved you have failed to provide them with adequate Health & Safety training, you will be at risk of an employer’s liability claim.

Minimise the threat of theft by checking your current security equipment and procedures meet your insurers requirements, including keeping up to date with your alarm maintenance agreement. Remember to inform your insurer if your business protection has changed to make sure that you are fully covered.

These measures not only help manage your stock and minimise risk but showcase to employees, customers, and suppliers that you run a safe business, reflecting the love you have for your business and wellbeing of customers, resulting in increased engagement, revenue, and cost savings.

At Expression Insurance we reward you when your customers love your business as we discount your price based on your great customer reviews, and who doesn’t love that!

In summary

The run up to Easter is the perfect time for high street businesses up and down the country to make the most of the warmer weather, long weekends, and increased demand. Taking time to plan now will enable you to have an eggstra-special Easter.

Discover how Expression supports independent business owners who love their business visit www.expressioninsurance.co.uk