Course Introduction
For every Food Business, Stock and Staff are needed to make Sales a reality! There exist, a strong links between budgeted Sales to be made from the business, required Stock to generate the sales, and the requisite Staffing to actualize the sales. Where either Stock or Staff is in short supply, sales will be affected, which in turn affects profit.
As a business Owner or Manager, your task is to strike a balance between these 3 parameters. Your forecasted Sales should be realistic enough to stimulate the challenge of achieving them; Stock Ordering should be systematic enough to avoid over/under stocking; and Staff scheduling should be strategic enough to maximize productivity.
This Module is designed to train participants on how to design and develop a Sales forecasting plan, link it to stock ordering and staff scheduling, and use it to forecast sales that would deliver between 95% to 105% efficiency using existing data.
Learning Objectives
At the end of this Module, participants will be able to:
- Stock Management System
- Stock Control and Monitoring Processes
- The application of First-In, First-Out principle
- Understanding of Economic Order Quantity (EOQ)
- Business implication of Improper Stock Management
- Conduct Staff scheduling Properly
- Understand the importance of Staff Scheduling
- Apply Staff scheduling to everyday business operations
- Developing Intelligence on Sales recording and analysis
- Handle the design and generation of Sales Forecasting template
- Design and Generate Stock Ordering template
- Link Forecasted Sales to Stock Ordering
- Link Forecasted Sales to Staff Scheduling
Key Course Contents
- Module 1: Inventory and Stock Management System
- Distinguishing point between Inventory and Stock Items
- Inventory Ordering, Delivery and Documentation Processes
- Inventory Storage, Arrangement and Handling
- The general rules for Stock Control
- Stock Management Solutions – Software & Templates
- Module 2: Staffing Management
- Analyzing the fundamentals of the business Staffing needs
- Identifying Staffing overlaps
- Transaction Per Labour Hours (TPLH)
- How to conduct effective Staff Scheduling
- Module 3: Sales and Stock Forecasting
- Sales Budget Forecasting Techniques
- Adopting the Seven Steps in Forecasting your Sales
- Sales Forecasting Template
- Evaluating Sales Growth and Sales Buffer
- Linking Sales Forecast to Inventory Ordering
- Linking Sales Forecast to Staff Scheduling
Target Audience
This course is designed for key operations management professionals such as Operations Managers, Outlet Managers, Stock Handlers, Human Resource Managers, and others who seek to develop their skills in the areas of effective management of Inventory, Staff deployment to maximize sales particularly in retail food business industry.