There are so many ways to grow your turnover, reduce your costs and, increase your profit.

After payroll, you biggest costs by far are Rent and Stock. Any saving on either of these go straight to the profit line.

Good luck negotiating with your landlord.

That leaves stock. Believe it or not, working with strict, intelligent stock control system can save you up to 20% of your costs – which could be close to what you are paying for rent.

Use the following 7 steps and amaze yourself how much control it gives you AND how much money it will save you.

1. ALL stock items (professional and retail) must be added to your price list

1. Maintain correct cost and recommended selling prices ((RSP)

1. Create model levels and reorder levels for ALL professional and retail products as well as groceries

1. Take stock regularly (at least once a month). If this shows discrepancies, you know you have a stock problem

1. Follow up on stock take discrepancies immediately, don’t let the problem get out of control

1. Use the stock movement report regularly, especially on fast moving items

1. To avoid over-stocking and running out of stock, use the forward cover report regularly