Best buying practice

Being shrewd about your purchasing can sometimes mean a huge difference in the product you get for the money.

To help keep things running smoothly and get more bang for your buck read on...

1. Ensure you get quotes in from different suppliers

This can sometimes feel time consuming, but making sure you get a broader idea of the market means you are up to date with the current market value for your purchases. It can also give you some great negotiating possibilities with your usual supplier!

2. Try to get prices on regular purchases held for a year

By promising to buy a particular product regularly from your supplier you can negotiate special prices. Suggest holding them for a year to ensure you get a great price all year round!

3. Plan your buying activities carefully

There's nothing worse than having 'dead stock' on your shelves and then ending up with a delivery of the same product with nowhere to put it. Carefully plan the timing of your ordering based on the patterns of how your products leave the shelves and this should help combat this problem.

4. Try purchasing expensive items towards the end of the month. Prices are generally better on expensive items towards the end of the month, as sales staff will want to close a deal to make sure it is included in that months figures.

If you can hold off on buying something it might be worth seeing if you can get a better price this way.

5. Keep cost price lists up to date

If the price you purchase goods at changes, you should make sure that your cost price lists reflect this, as it will have a knock-on effect on the profit you make. If your cost price increases you may need to increase your sales price too. But if it decreases, you may want to pass these savings on to your customers.

6. Negotiate

There is an art to this and it can sometimes feel awkward at first, but by negotiating a good price you'll be able to keep your selling prices competitive.

Remember that cheapest isn't always the best - the main thing is to be comfortable with the prices you pay for the product or service you receive.

7. Buy as much as possible

You can make the most of quantity discounts that may be available to you by buying as much as possible at one time.