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MyOwnBusiness Institute

How To Buy Supplies For Your Business

Download: How to Buy Checklist

How To Buy Checklist:

  • Buy only what you think you can sell.
  • Never place an order without knowing the price and the terms.
  • Purchase orders must be in writing.
  • Have complete specifications.
  • Buy subject to your contingencies.
  • Have backup sources.
  • Be loyal to good suppliers.
  • Have promises and extras verified in writing.
  • Get price protection.
  • Try to award to the lowest bidder.
  • Don't hesitate to repeatedly contact suppliers to expedite needed merchandise. "The squeaky wheels get the grease."
  • Communicate complaints quickly and respectfully
  • Use internal controls for ordering and receiving.
  • Count and inspect everything as received.
  • Use an inventory control system.
  • Ask for and take term discounts.
  • Pay on time.
  • Pay only after verification.
  • Watch your cash flow.
  • Consider suppliers as a source of financing.
  • It is better to pull suppliers your way, not push them. Be pleasant.
MOBI Spark

Download: How to Buy Checklist

How To Buy Checklist Download