Are you stuck in a cycle of buy, use, repeat? Let me lead with two questions; “Do you really need it?” and “is this the best use of your money?” As a former operator I made it a point to start my reordering process with these questions. Why do you ask? Imagine this, if this company was your household, how would you best utilize your funds? My past employers would often call me the Coupon Queen and I was proud to hold that title. I would use every tool at my disposal to get the best pricing including on wholesale items.
I’ll tell you, some of my best practices.
The Price is the Price: You may find wiggle room by comparing your items against online pricing and negotiating with your vendor, or consider purchasing a generic alternative.
Bulk Saving: Do you repeatedly order the same item or find yourself constantly running out just as the reorder shipment arrives? You would definitely benefit from buying in larger quantities and you will likely save between 5-15% by doing so. Find vendors that offer your product wholesale and don’t forget to check with three companies to establish a cost baseline.
White Labels: Generics are not exclusive to the Pharmacy industry. Many products will have the same or a comparative product that will get the job done without sacrificing quality. Shop online using your product name including “Competitor” in your search. You will likely find comparable products at a lower cost or in higher quantities to earn your business.
Just Checking In: Periodically run searches on items you frequently purchase because your manufacturer will not be keeping you informed on competitors entering their markets or adjacent offerings that will help you in your ongoing battle against raising prices.
By using a mix of these methods, you will be a cost saving machine also worthy of the title “Coupon Queen/King”.