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How To Buy Supplies For Your Business
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- How To Buy Supplies For Your Business
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.