MY store
If someone were to ask you to name some of the things that you love most about Christian retail , doing inventory would likely not top that list . Whether inventory is something you tolerate , consider a necessary evil or actually find yourself enjoying at times , it is essential for a profitable business . One of the benefits of inventory is that it helps you better prepare for the coming year based on what has sold and what is still in stock . As we come to the end of this year , let ’ s look at why , when and how to do inventory .
Why Should You Do Inventory ? There are many reasons you , as an independent Christian retailer , need to do inventory . According to Krista Ferguson of Willamette Valley Christian Supply in Albany , OR , “ We do it because our accountant tells us we should .” Knowing how much product has sold and how much remains is legally necessary for tax purposes . This includes income taxes as well as property taxes in some states . Having an accurate count means you won ’ t pay taxes on property you don ’ t have in stock or on property that is damaged .
Another reason Krista says is that “ knowing how much inventory we have on hand year to year helps us make better purchasing decisions for the following year .” Maintaining product counts keeps your store in the “ Goldilocks zone ,” not too much product and not too little product , just the right amount .
knowing how much inventory we have on hand year to year helps us make better purchasing decisions for the following year
Similarly , Donna McCollough of Dove Christian Supply in Dothan , AL , says , “ Inventory management is vital because it ensures that we have accurate insights into our stock levels and product availability . This helps us prevent overstocking or understocking , leading to improved operational efficiency . By maintaining precise inventory records , we can optimize our ordering process , reduce holding costs and offer customers a seamless shopping experience . Ultimately , efficient inventory management allows us to fulfill customer demands promptly , prevent revenue loss and allocate resources effectively .”
And most importantly , monitoring inventory is being a good steward of what God has entrusted to you . “[ Inventory ] is money sitting on the shelf ,” Donna says . “ And it needs to be accurate to make sure we are
managing it properly .” According to Donna , tracking products allows them to see how much money they have tied up in inventory . They can see areas they need to add to or cut back on stock levels . And as a result , they are able to determine the correct inventory levels needed to reach their sales goals .
When Should You Do Inventory ? At Willamette Valley Christian Supply , Krista does inventory once a year , during the last week in December , because it is such a big task . She tries to get it done in a couple of days since she keeps the store open while doing inventory . To help finish faster , she brings in a team of volunteers .
At Watermark Christian Store Calvary Chapel in Melbourne , FL , owner Rachel Savage says the value of the product category drives the frequency of their counts . Everything in the store is counted at least twice a year ; however , high value categories , such as Bibles and jewelry , are counted four times a year .
“ We have a schedule of what to count and when ,” Rachel says . “ We have found doing our inventory this way keeps our staff very familiar with what we have on the shelves , since they are touching it more frequently .” Typically , she closes the store and brings in a team for the inventory count . “ We rarely encounter incorrect quantities on hand ,” Rachel says . continued on page 42 >>
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