VGNC Business Solution Private Limited

Inventory shrinkage is one of the major hindrances in the growth of small retail businesses . Inventory shrink is the difference between the expected revenue to the actual revenue the retail business makes. Now that been said, how can this shrinkage be reduced so that your retail business can achieve its full potential? Loss prevention is the next step to reduce shrinkage in the business. However, it requires a lot of precision and expertise in identifying the factors associated with shrinkage and accordingly act upon it. Let’s Understand First What Is Shrinkage? Shrinkage is the loss of inventory for certain important factors such as administrative error, damage of goods while in transit to the store or in-store damages, shoplifting, employee theft, and even vendor fraud. Identifying the Causes of Shrinkage There are various reasons associated with loss. These can be damaged goods during the transit to your store or in-store damages of goods. There can be shoplifti...

Inventory, physical supplies sold, used or distributed, are one of the most valuable assets for your business. And to keep your business operations running smoothly, you need to track this critical component. Irrespective of the inventory tracking system you use, the accuracy of your inventory is crucial for the success of your business. In this article, our experts at VGNC will discuss some tips that will help you maintain accurate inventory. Choose The Right Quality Program There are a wide number of inventory quality programs such as ISO, Six Sigma, quality management, etc. You need to choose the quality program for your business efficiently. After you have selected the quality program, you need to ensure that everyone in the company understands and supports the program. Select The Right Inventory Monitoring Method If you want to achieve accuracy in your inventory, you need to focus on selection and implementation of inventory tracking system. A systematic a...

  A good audit report should lead to essential information and separate the identified risks into those affecting the single business unit and enterprise as a whole. It should also embed links to assist the reader in finding what they need. All auditors produce reports after completing the auditing process. It is a standard activity expected by management and other stakeholders of the company. The audit report records the result of the audit procedure which becomes the foundation of sustainable growth and improvement in the organization. If you want to achieve stable growth, you need to focus on making your internal audit reports clear and effective. A high-quality audit report helps the management to make informed and timely decisions. Why You Need to Improve Your Audit Report To Increase Visibility As the audit reports are distributed to the internal stakeholders and external auditor, the reports must provide clear information that is neither overstating nor understating ...

If you are running a retail business, exercising inventory control and efficientlymanaging inventory is of utmost importance to maintain the stability of your business. By knowing and looking after right inventory metrics, you can avoid both surplus and deficit in your warehouse which is cost effective. In this post, we are going to discuss top inventory metrics that you need to track as a retailer. Let’s get started: 1.      Margin Return on Investment Gross margin return on investment or GMROI helps retailers to know what they are getting back in return in return for what they have spent. You measure the profit return you are getting the funds that you have put in your inventory. The formula of GMROI : gross returns/ average cost of inventory. While there are many other inventory ratios and functions, GMROI is one of the most crucial metric that retail owners track to optimize their inventory process. By calculating GMROI, retailers ca...