It’s the most wonderful time of the year… EOFY! The end of the financial year is an exciting time where businesses usually splurge a little extra before tax time, consumers receive those nice (and hopefully big) tax returns and there’s plenty of sales for all of us to enjoy.
EOFY is a great time to reflect on your finances, review your assets and brainstorm how you want to proceed with the next financial year. So, before you go buying too many goodies during the sales… it’s always a wise idea to organise your current business items in your business storage unit… and then go shopping for new office supplies after!
An organised business storage unit makes for an organised and prosperous business year. Follow our steps on how to begin the process and get your business ahead of competitors!
1. Take Inventory
Inventory management is one of those tasks that makes every team member groan with dread (except maybe the accountant). It can be tedious, repetitive and boring but it’s incredibly important for when tax time rolls around.
When taking inventory in your business storage unit we recommend getting a team of people together, matching up pairs and assigning each pair a different section of the business storage unit. It’s always smart to have two sets of eyes checking numbers and inventory levels.
You’ll want to have your pen and paper handy or your POS software if you’re recording inventory digitally and make note of the following information:
- Product description
- Product category
- Quantity in stock
- SKU
- UPC
- Supplier and Supplier ID
- Sales Price
- Tax Rate
- Discountable (Y/N)
- Cost per Item
- Current Quantity
- Reorder Trigger
- Recommended Order
Of course, depending on your industry will change what your inventory checklist will look like. However, this is a good guide to set you on the right path.
2. Review and organise
As you work your way through your storage unit, filling out your inventory information it’s a good idea to review the items in your inventory and re-organise.
Ask yourself, “Do we need this in our business now or in the near future?” If yes – then keep it. If not – then throw it away or sell.
You’ll discover it’s very easy to acquire miscellaneous items throughout the year. Those festive Christmas decorations from the work party, irrelevant physical documents and random goods you never knew you even had in the first place. Now’s the time to refresh your storage unit and get rid of any useless items.
Once you’ve made the cut, move your items into boxes and label them. Categorise your boxes in a way that makes sense to you and your staff and organise your storage unit appropriately. Any items you would like to use in the office, set aside to take to the work premises.
3. Buy more!
Now comes the fun part, shopping!
After you have worked through your business storage unit’s inventory, you might realise you need more of a particular item. Perhaps you need more work uniforms, stationary, tools or equipment – now you know exactly how much to order.
This is always a fun reward after the inventory management process. You’ve finished inventory management, you deserve to celebrate.
We recommend shouting the team a few pizzas and beers and celebrating the EOFY. You’ve all worked hard throughout the year, crack a beer open and cheer.
Enquire today
If you haven’t yet purchased a storage unit, talk with the Go2 Storage team on how you can get started.
As the 2021/2022 Financial year wraps up, you want to be as organised as possible for the next 12 months. An organised work environment means a more efficient workflow. Give yourself the best chance possible to succeed. Rent your Go2 Storage unit in Mandurah today.
Give us a call and we’ll be happy to answer your questions.