- "In the last 20 years our business has changed considerably…and as the focus of our business has changed, Bird Luckin have moved with us."
Alex Tanner, George Tanner (Shalford) Ltd - "Bird Luckin has looked after us incredibly well for over 60 years, they are pro-active and innovational - meeting all our needs to help us achieve our aims."
Richard Stubbings, Cliffords Limited - "I can honestly say that Bird Luckin are the best firm of accountants and auditors I have ever dealt with - and I don't say that lightly!"
Colin Webb, Walthamstow Stadium - "It's important for us to know that we will always be able to contact the right people to give us the right advice and support."
Jane Bennett, Bennetts Funeral Directors - "Although we deal mainly with one Partner … we also know that if we need to contact someone else who is a specialist in another area, we can get the advice we need quickly and easily"
Jeremy Ruggles, J.S. Wright & Sons Ltd - "Bird Luckin got us to a stage which would have taken us months - if not years - to reach on our own, and they got us there in a matter of weeks"
Matthew Sullivan, SNC Ltd - "You can be a good accountant, but if you don't have an understanding of the industry it can be very difficult. "There are two or three people we have regular contact with at Bird Luckin who know our business well, and it makes a difference.""
Robert Church, W A Church (Bures) Ltd - "The work which Bird Luckin has done for Boddingtons over the past few months has helped shape our future direction for the better."
John Warner, Chief Executive, Boddingtons Ltd - "Bird Luckin has acted for us since our inception 10 years ago. They have a very 'can do' yet highly professional attitude - we are very appreciative of their support and advice over the years."
Marlon Fox, Outlook Property Ltd
Manufacturers need smart stock management
There are three powerful forces at work in the retail sector that are driving changes in the way manufacturers manage their stock:
- The need to supply an increasingly wider range of products, often with narrower, specialist appeals
- The need to cut the cost of holding stock to a minimum
- The need to be able to order and reorder at short notice in response to fluctuations in increasingly volatile markets
In other words, retailers are requiring more frequent, smaller deliveries, while manufacturers would prefer to deliver larger consignments with longer lead times.
The onus shifts to manufacturers
The retailers seem to be winning, and gradually the onus and cost of holding and managing stock is being transferred to manufacturers.
Since holding stock is no less expensive for manufacturers than it is for retailers, manufacturers need to develop effective stock management procedures if they are not to see their margins corroded by this trend. The key is to analyse your stock into individual stock keeping units (SKUs) and then to monitor the movement and performance of each.
For example you might discover that a particular size or colour of a garment outsells all others and adjust stock levels accordingly. Indeed, this approach enables you to mix and match SKUs to optimise sales with different customers and in different markets.
Focus on profitability not volume
The secret is to focus on the profitability of each SKU rather than its volume. For example, high volume low margin products might turn out to be less profitable than relatively low volume high margin ones, and you might want to reflect this in your stock management priorities.
Stock management audit
Stock management can be a complex and time-consuming area for business owners. We are always happy to help you conduct an audit of your stock management procedures and develop a more effective and profitable approach.
Contact us to arrange a preliminary review.