Every great business thrives off of a good supply chain, where supplies and products are readily available in order to boost efficiency, cut costs and stabilize cash flow. Although buying supplies is commonplace and seemingly simple, many businesses are still losing valuable resources by simply overlooking important details when ordering.
The worst thing of all is that they are not even aware of it. This is because ordering supplies feels so insignificant and menial, and it is simply not a part of the initial vision that many new business owners had when they started their companies. However, experienced business owners understand that a good business plan is founded on how simple resources, supplies, and expenditures are managed.
Everything plays a significant role in the grand scheme of things. That is why there is a lot to learn from these entrepreneurial veterans. Here is a look at six essential money-saving tips when ordering supplies for your business.
Find local suppliers
Sometimes, you can save a lot of money by simply considering the actual location of the supplier you are ordering from. Shipping bottlenecks are quite common and a lot of money and resources are wasted on unnecessary downtime engendered by poor logistics and financial management. To prevent this, you can choose local suppliers, which are going to reduce shipping costs and contribute to sustainable efforts. As a bonus, you will benefit the local community as well, since you are directly financing other local businesses. This can help you build a lot of trust.
Find any available discounts
In the world of online trade, there are numerous possibilities to find discounts, you just have to look around. Having the ability to pay attention to details like these is a good indicator of successful businesses. There are many ways in which you can get a discount when ordering online. Many online stores feature a specific order volume that will allow you to get a discount when you checkout.
Another important opportunity to keep an eye out for is the holiday specials. This means that you should carefully time orders for your business in order to get the best deals. For instance, many stores will offer amazing discounts ahead of Christmas. Black Friday deals are also a great opportunity to catch massive discounts even weeks before the day.
Choose a single source
If you find a satisfying product for your business, it is advisable to keep buying from the same place. This is an excellent way to keep track of your orders and save time. It is important to find a reputable wholesale store first that is going to have everything you might need in one place. In return, you will be able to create massive trust with your suppliers.
Order in bulk
Once you establish a good buying pattern you will be able to predict which supplies exactly you will need ahead of time. Not only that, but you will also be able to predict the necessary volume. This will allow you to buy in bulk, which is by far the best way to save money and time. In many cases, you will be able to negotiate a good deal if you manage to build trust with your supplier.
Automate your orders
Once you already get used to buying in bulk, and you become fully aware of your supply demands you can choose to automate your orders online. Many online platforms will let you choose a recurring delivery plan. For instance, if you run out of printing paper every three weeks, it sends out an order automatically. This saves you a lot of time in the long run while maximizing your workflow. Many suppliers will offer you a discount if you choose a recurring delivery plan.
Read between the lines
Although buying in bulk and searching for the best deals available is a good way to save a considerable amount of time and money. It is important to note that getting these offers is not as straightforward as it might initially seem. Most offers will have a small print that states how some of the products cannot be bought together, or that the offer is available but only for a limited time during the year. If you see a deal that looks too good to be true, it probably is.
That is why you have to keep an eye out for any small print text that could indicate possible limitations. In case there is no further explanation you should contact the company if they would be willing to provide further details about the offer before you make any decisions.
There is a lot of potential that most businesses are leaving on the table by simply neglecting how they optimize their supply orders. All well-established businesses are aware of this, and that is why there is a lot to be learned from their examples. Luckily, there are ways to optimize how you order supplies and products for your company right now.
Find all the available discounts online, sometimes you will have to contact the suppliers directly. Make sure to order in bulk to save time and earn discounts. Use recurring orders. Choose from a single source. Be careful about any nuances in small print. Lastly, get products from local suppliers to eliminate downtime.