Marlene Du Toit
Head of Customer Success and International Support at Digitail
Stock management is the unsung hero of a thriving veterinary practice. Mastery of your inventory is the secret sauce that keeps your clinic running like a well-oiled machine. With efficient stock management, you’ll have the precise supplies, medications, and equipment at your fingertips to deliver top-notch care to your furry patients.
Neglecting this crucial aspect can spell financial woes, disrupt patient care, and erode customer satisfaction. In this article, we’re diving headfirst into the world of stock management tailored for veterinarians. Get ready to unlock key strategies that will supercharge your practice’s success!
Understanding Product Velocity: The Need for Speed
Picture this: You’re at the helm of your clinic, and it’s a bustling day. Understanding how fast your products move is like knowing which lane to take in a race. If you underestimate the demand for specific items, you might as well be racing with a blindfold on. Incorrect quantities can lead to cluttered shelves, ballooning storage costs, and missed opportunities to cater to the needs of your four-legged clients.
Additional Tip: Track Product Demand Trends for a Winning Edge
Tap into historical sales data to spot seasonal product trends.
Keep your ear to the ground by considering customer feedback and preferences when loading up on certain products.
Rotating Stock with Finesse: Don’t Let Profits Go Stale
Veterinarians are no strangers to products with expiration dates. But mishandling rotation? That’s a recipe for throwing money down the drain.
An unvigilant approach to rotation can lead to a graveyard of expired items, haunting your practice’s profitability. So how do you overcome this problem? Implement a bulletproof alert system to keep you one step ahead of those pesky expiration dates.
Additional Tip: Categorize Inventory for Maximum Impact
Organize your inventory into sleek categories like medications, medical supplies, and pet care essentials.
Prioritize the rotation of items with shorter shelf lives, such as medications, to minimize waste and amplify savings.
Identifying and Slaying the Shrink Monster
Shrinkage – it’s the stuff of nightmares for business owners, including those in the veterinary world. But don’t fret; your inventory management skills can be your trusty torch to illuminate the darkness. Identifying and addressing shrink is pivotal in safeguarding your bottom line. With clear visibility into your stock levels, you’ll be equipped to combat theft, damage, and other lurking threats.
Additional Tip: Fortify Your Defenses
Deploy a battalion of security cameras in your stock storage areas to discourage potential thieves.
Enlist your team in a rigorous inventory security training regimen to fortify your practice’s defenses.
Implementing the Mighty Pareto Principle (80-20 Rule)
Enter the Pareto Principle, a mighty tool for streamlining your stock management. In this power-packed concept, a mere
20% of your efforts yield a colossal 80% of your results. Translate this into stock management, and you’ll see that a handful of inventory items are your practice’s financial superheroes.
Additional Tip: Be the Profit Detective
Scrutinise the profit margins of each product to spotlight the high-rollers.
Combine popular products with slower-moving items for a dynamic duo that boosts sales and elevates your revenue game.
Setting Par Levels: The Stock Superhero’s Shield
Imagine setting par levels as your force field against stock shortages. Par levels represent your practice’s stock safety net – ensuring you always have the essentials in stock, even in the heat of the busiest days.
Additional Tip: Be a Seasonal Chameleon
Adapt your par levels with the changing seasons to meet demand fluctuations. Load up on flea and tick products before the summer swarm.
Forge alliances with suppliers to establish automatic reorder triggers based on historical consumption data.
Championing the First In, First Out (FIFO) Principle
For veterinarians handling perishables or items needing rotation, the FIFO principle is your secret weapon.
It’s your guarantee that old stock gracefully bows out first, preventing costly waste and ensuring your freshest supplies iare always front and center.
Additional Tip: Rack ‘Em for Efficiency
Design your storage shelves with finesse, making it a breeze to access older items first.
Proudly display expiration dates to encourage FIFO compliance and save the day – and dollars.
Contingency Planning and Teamwork: The Avengers of Stock Management
In your stock management saga, your trusty team is your league of superheroes. Appoint vigilant souls to handle stock ordering, regular counts, and purchasing precision. Enlist your team’s powers to reduce losses and streamline stock operations.
Additional Tip: Cross-Train for a Super Squad
Equip your team with a versatile skill set, making them capable in various stock management tasks to ensure seamless coverage.
Instill a culture of accountability by routinely reviewing stock procedures, strengthening your practice’s collective resolve.
Always remember, stock management is a collaborative endeavor, and armed with these strategies, your veterinary practice is primed for success. Efficient stock management isn’t just important; it’s the essence of your practice, ensuring you’re always equipped to deliver top-tier care to your beloved animal patients.
Ready, set, thrive!