purchasing

How to Keep Your Purchasing Costs Down

How to Keep Your Purchasing Costs Down

The process of purchasing from suppliers will be a huge part of almost any business – representing one of your most significant costs. Any reduction in purchasing costs can have an extremely positive knock-on effect on other areas of your business – developing a lean, smart approach will almost certainly be more effective than focusing on profits. This article looks at how you can develop an effective purchasing strategy. We cover how to use a product specification to work out exactly what you need, how to choose, negotiate and build relationships with suppliers, how to keep stock costs down, and more. What should be my overall approach to purchasing? To ensure you purchase smartly, you need to put a number of things at the core of your business’ activity. In particular, it is essential yo... »