How to save your business money with clever purchasing

Make sure you know where your costs are, and attack the biggest first. Apply the "80/20 rule" Typically 80% of costs come from 20% of your supply items or services. Check to see if your business has recently tendered out the products and services purchased. If not, how do you know you are enjoying the best prices? Challenge existing suppliers to review their prices. If you're aware that prices are falling in a certain area, there should be room to re-negotiate prices with your suppliers. Join a buying group For the most routine costs such as stationery, telecoms, utilities and

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