Running a successful enterprise means more than just maximizing profits from sales; it also means being smart when it comes to purchasing the products and services you use to run your business.
Ask for the small business discount. Many vendors offer special pricing or packages for small business. Even companies that don't have special programs for small businesses may decide to cut you a special deal, just to win your business.
Schedule your purchases, preferably around seasonal promotions, like back-to-school, Christmas or summer sales. To create a purchasing plan, you need to keep an eye on your supply room and monitor what's being used and replenished frequently. Then use this information, along with your business plan, to forecast your needs on a yearly basis.
Buy in bulk - it's almost always cheaper than buying smaller packages. Most office supply stores offer multi-packaged products. Or you may want to look into membership with cooperatives, which offer bulk-packaged products at discounted rates.
Take advantage of early payment or cash discounts. Many businesses will deduct a small portion -usually one or two per cent -of the invoice total if you pay within a specified period or if you opt to hand over cold hard cash.
Take advantage of association discounts. If you belong to an industry or professional association, or perhaps a university or college alumni association, you may be entitled to specially negotiated rates with certain companies, for example on private health insurance.
Buy generic or private-label brands. Many no-name products are comparable to their brand-name counterparts when it comes to quality and features.
Buy second hand. Check out used office equipment stores, liquidation auctions or even garage sales for previously owned supplies and equipment. And where possible, look for products still covered under warranty. For auctions of the online variety, visit ebay.com business and industrial section. Ebay merchants offer used as well as brand new goods.
Reusing your unwanted goods is better than simply throwing things away and helps protect the environment. Dublin’s Online Free Trade service allows you to pass on or pick-up unwanted goods in Dublin free of charge. Browse the online database for items or set up an account and start listing your unwanted goods today. Check out http://www.dublinwaste.ie/
Barter with other businesses. Instead of paying in euros, talk to your suppliers or other companies about using your products or services as currency in exchange for their products or services.
Hire a student. Depending on your type of business, you may be able to set up a student co-op program with a university or community college. For example, Vanessa Wade, INTRA Co-ordinator DCU Tel: 7005178.
Getting the best deals on your business purchases requires a bit of research and comparison shopping. But the money you save, and the resulting increase in your overall profits, will make it well worth the effort.
Adapted from an article on www.visa.ca website.