Good inventory management predicts when certain items should be restocked. This is how you can plan your purchases correctly . The first step to good purchasing planning is to organize your sales forecast, which varies depending on the deadline and the market in which you operate. In the case of a clothing store, for example, there are specific periods of change of season, in which the collections change completely.
The next step is to adjust your company's budget to your needs. You need to know exactly what you are going to buy and how much you are going to buy, always taking into account your cash flow , budget forecasts and projected profits. Then, you need to make the purchases and track the delivery of your orders.
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Check out four important tips below for better purchasing planning to replenish your company's stock:
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1 – Know your suppliers
2 – Optimize inventory management
3 – Make a realistic sales forecast
4 – Adjust the budget to inventory needs
1 – Know your suppliers
Always keep your supplier records up to date and study the market before closing a deal. Check out the differentiators offered, the prices, and the advantages and disadvantages of each supplier. It is essential to carefully evaluate these points before making a decision.
2 – Optimize inventory management
There are currently many software programs – both paid and canadian consumer email lists free – that can facilitate the management of inventory in companies. It is important to give due importance to this process, because good control prevents products from remaining stagnant or from having an overload of products, preventing turnover.
3 – Make a realistic sales forecast
Proper inventory management allows you to discover which are the company's main products and what impact they have on total revenue. This will allow you to make a more realistic forecast of the company's real needs for future purchases and identify products that can never be out of stock or even lose quality.
4 – Adjust the budget to inventory needs
The shopping list must be in line with the budget available for this purpose during the period. Therefore, there must be coordination with the company's finance department , which will provide information on cash flow and revenue forecasts, defining the actual budget available for purchasing planning.
It is during purchasing planning that the company ensures the continuity of the supply of its products or services in the market and, thus, gains the trust of its customers. Therefore, this is an essential issue for your business to prosper, pay due attention to it and happy shopping!