5 Essential Tips for Pharmacy and Chemist Stocktaking
Efficient stocktaking is crucial for maintaining the smooth operation of pharmacy businesses. Accurate inventory management ensures that the right medications and supplies are readily available, enabling healthcare providers to meet the needs of their patients effectively.
We explore five essential tips to optimise the stocktaking process in your pharmacy, to promote accuracy, organisation, and cost effectiveness.
5 Essential Tips for Pharmacy and Chemist Stocktaking
1. Regular Stock Checks
Performing regular stock checks is fundamental to maintaining accurate inventory levels. You should schedule routine stocktaking sessions to assess the quantity and condition of your products.
Conduct these checks during quieter periods to minimise disruption to your daily operations.
By regularly monitoring your stock, you can identify discrepancies, address potential issues promptly, and make informed decisions regarding ordering and restocking.
2. Utilise Technology
Making the most of your technology can significantly streamline the stocktaking process, enhancing accuracy and saving time.
Invest in a reliable inventory management system or software specifically designed for pharmacies and chemists. These tools can automate various tasks, such as barcode scanning, tracking expiration dates, and generating real time reports.
By digitising your stock management, you can reduce human error, expedite stock reconciliation, and gain valuable insights into your inventory’s performance.
3. Categorise and Organise:
Efficient organisation is key to maintaining an orderly stockroom and facilitating stocktaking procedures.
Establish a logical categorisation system for your products, grouping them by type, medication class, or usage. Clearly label storage areas and shelves to ensure easy identification and access.
Regularly review and rearrange your inventory based on sales patterns, expiry dates, and accessibility. A well organised stockroom not only speeds up stocktaking but also helps prevent stockouts, overstocking, and expired products.
4. Implement FIFO and FEFO
Implementing the “First-In, First-Out” (FIFO) and “First-Expired, First-Out” (FEFO) principles is crucial in the pharmacy and chemist industry.
FIFO ensures that the oldest products are used or sold first, reducing the risk of stock becoming obsolete or expiring. Similarly, FEFO guarantees that products closest to their expiration dates are prioritised, minimising the chances of dispensing expired medication.
By strictly following these principles, you can prevent wastage, maximise product lifespan, and maintain a high standard of patient care.
5. Train and Involve Staff
Proper training and involvement of staff members are essential to achieving accurate stocktaking outcomes.
Educate your employees on stock management best practices, emphasising the importance of attention to detail, accuracy, and good record keeping. Encourage them to report any discrepancies promptly and engage them in the stocktaking process to improve accountability and ownership.
Regularly communicate stock related updates and provide feedback to keep everyone informed and motivated.
In conclusion
Effective stocktaking is a vital aspect of managing a successful pharmacy or chemist. By implementing these five essential tips — performing regular stock checks, utilising technology, categorising and organising, implementing FIFO and FEFO, and training and involving staff — you can optimise your stocktaking process, enhance accuracy, minimise wastage, and improve overall efficiency. Remember, a well managed inventory translates to better patient care and a more successful business.
Who are we?
Retail Solutions is a market-leading EPOS provider with over 25 years of business experience. Our leading sectors are pharmacies, convenience stores, supermarkets, forecourts, off licences, and coffee shops.
We are dedicated to providing your store with the most up to date and reliable point of sale hardware, along with software management tools to help you manage your business effectively.
Our self-checkout partners are NCR, who are global leaders in self-checkout technology.
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About the author:
Susan McGuire is originally from London, United Kingdom, and has now lived in Galway, Ireland, for 15 years. She has been with Retail Solutions for almost 7 of those, and during that time has enjoyed various roles within the areas of Maintenance, Finance, & Marketing. You can follow her on LinkedIn!
