Your Holy Week plan should not be tampered with because you inaccurately predict your business’s target stock levels. If you are a fish or vegetable dealer, you would want to take advantage of this seasonal demand surge, as most people prefer them over meat as a symbol of sacrifice.
INSTANT QUOTE
Holy Week, especially in towns a bit away from the cities here in the Philippines, is often celebrated and regarded as a time for a long vacation. This leads to altered consumer behavior and business operations of mostly the vegetables and seafood businesses, giving both a busy season of transactions. In this blog, we give 5 useful ways to target stock levels at the right amount and provide for demands which helps your business establish your Holy Week plan.
Ways to Target Stock Levels For Your Business
1. Put A Desirable Safety Stock To Your Usual Par Level
When you hear of Par, you might recall the term used in golf, and it actually goes the same way for stock levels. For fast food chains and restaurants, your par level is the minimum amount of inventory replenishment needed to meet demand regularly. Inventory in this line of business is sensitive, and staying at your par level helps you avoid creating food waste.
But you might be wondering how Par levels are computed. Here’s a quick computation for you:
Par Level = (Average weekly inventory + safety stock)/ number of weekly deliveries
20 – 30% of your average weekly inventory is the desired level for your safety stock, enough to hold you during unexpected times when you need to provide more.
2. Use of On Demand Delivery Apps
There are also times when something could go unexpectedly, like receiving bulk orders that are not coming from any of your regular customers. Your delivery capacity will exceed, and outsourcing an on-demand delivery app like Transportify would be the smarter option. Transportify’s platform provides solutions for ensuring store stocks are maintained efficiently, facilitating smooth operations during peak periods like Holy Week and allowing you to make adjustments as needed. For a list of broad vehicle offerings, refer to the table below.
| Vehicle Type | Dimensions/ Weight Limits | Base Price (Metro Manila) | Base Price (Outside Metro Manila) | Base Price (Visayas/Mindanao) |
|---|---|---|---|---|
 Wing Van | 32 to 40 x 7.8 x 7.8 ft 12000kg to 28000kg | 7000 PHP | 6500 PHP | 6500 PHP |
 6w Fwd Truck | 18 x 6 x 7 ft 7000kg | 4850 PHP | 4850 PHP | 4850 PHP |
 Closed Van | 10 to 14 x 6 x 6 ft 2000kg to 4000kg | 1600 PHP | 1450 PHP | 1450 PHP |
 Open Truck | 10 to 21 x 6 ft x open 2000kg and 7000kg | 2300 PHP | 1950 PHP | 1950 PHP |
 L300/Van | 8 x 4.5 x 4.5 ft 1000kg | 415 PHP | 330 PHP | 310 PHP |
 Small Pickup | 5 x 5 ft x open 1000kg | 310 PHP | 250 PHP | 220 PHP |
 Light Van | 5.5 x 3.8 x 3.8 ft 600kg | 250 PHP | 192 PHP | 225 PHP |
 MPV/SUV | 5 x 3.2 x 2.8 ft 200kg | 160 PHP | 130 PHP | 140 PHP |
 Sedan | 3.5 x 2 x 2.5 ft 200kg | 140 PHP | 110 PHP | 120 PHP |
3. Review Sales Reports and Inventory Turnover Rates
Gaining insights into the past performance of your business provides valuable data for you to act during similar demand periods. By analyzing sales over time, there will be trends and patterns for products and services allowing businesses to make proactive decisions and allocate target stock at its desirable level.
You might also pay extra attention to your business’ inventory turnover rate, as this indicates how quickly your inventory is sold and replaced in a particular period of time. If you observe that you always get a high turnover rate for this particular time, this can be a strong indicator for you to increase at your usual stock level and could go the other way if you observe a low inventory turnover rate.
4. Become an expert when it comes to understanding your customer behaviors
Understanding and adapting to changes in consumer behavior on your Holy Week plan is crucial. Many Filipinos observe this period through various traditions, which can significantly alter shopping patterns. Businesses should consider these behavioral shifts in their inventory management system, ensuring they stock up on relevant products and adjust their marketing strategies accordingly.
5. Continuous Improvement and Feedback Loop
Finally, establishing a continuous improvement process through regular analysis and feedback is vital. Assessing what worked and what didn’t can provide valuable insights for future planning. This feedback loop allows businesses to refine their inventory management strategies, ensuring better preparedness for future peak periods, and always leaving room for improvement.
Incorporating these 5 ways into your Holy Week plan is just a guide on how to treat and target your stock level at the desirable amount you need. Others might see them as generic ideas to consider. Still, in times of seasonal demand growth, these will be very helpful for those businesses in the field that will yield the most during significant times like Holy Week. By staying informed and adaptable, your business can thrive during Holy Week and beyond.
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