'Tis the season for budget stretching to meet end of the year goals and planning for your next year's expenses. This is prime time to evaluate all budget items - particularly supply products that can get lost under the radar due to their smaller expense lines. These can be items such as office supplies, disposables, accreditation materials, or other packaging products. Smaller costs can add up to big savings growing your bottom line!
Tips to Evaluate Supply Items
* Audit your purchase behavior - Are you buying anything intermittently in smaller quantities?
* Bulk buys - Consider bulk buying these items for volume based discount. Keep in mind storage needs.
* Consolidate Vendors - Could one vendor supply various items? There is potential to save on total order discounts and shipping costs.
* If you don't ask, you won't get it! - Ask your suppliers for any discount offers if you increase your order. If storage is an issue ask if they could they do blanket shipments at certain time intervals. The worse that could happen is they say no, but most suppliers appreciate your business and will try to work with you to make it a win-win.
* Participate in a Buying Group or Purchasing Organization Membership - These groups negotiate supplier contracts on your behalf so that you receive the best prices. Join the game, or if you are already member, take advantage of the benefits of membership with savings.
These are some quick ideas to get you started. Once you dive in you will be amazed at the stones you might uncover to drive additional savings. Have other tips to share? Please comment below. Happy Savings!