5 Ways to Maximize Your Company’s Procurement Budget

One of the most important things in keeping a company running smoothly is to keep expenses as low as reasonably possible without compromising on essential things such as employee salaries, utilities, and the quality of the product or service that the business provides. By cutting down on expenditures, a company ensures that it is constantly earning a net profit, allowing it to continuously flourish while also opening up opportunities for growth.

With that said, where should a company look to first when it comes to cutting costs? We recommend looking to maximizing your company’s procurement budget, especially when it comes to office supplies and necessities. After all, office supplies make up quite a bit of the company expenses, and it’s quite easy to overspend on them unnecessarily.

As for how to do actually do the maximizing, we’re here to help. Here are five ways to do just that.

Buy office supplies in bulk whenever you can.

Buying office goods or supplies separately may seem like a good idea, more so if you’re a small startup company with only a handful of employees. However, if you’re 100% sure that the kind of office supplies that you’re purchasing is one that is always getting used up before you know it—such as toilet paper—then you should definitely buy them in bulk. Not only is it going to be much cheaper, but you reduce the chances of you or somebody else having to run out and buy fresh supplies unexpectedly.

You should also buy other supplies like lanyards in bulk from specialized websites like WeCustomize. These sites can provide you with very high-quality goods at very low bulk prices, while also allowing you to customize the way they look. So, for example, if you’d like your employees to wear their IDs on lanyards customized to sport your company’s branding, then you can definitely do that without breaking your budget. In addition, these sites usually brand a variety of other items like pins and wristbands that you can give away to your customers.

Buy pre-owned furniture and equipment instead.

It’s always tempting to furnish your office with brand-new equipment and furniture. However, it can be absurdly expensive as well. As such, we recommend buying these office assets pre-owned or secondhand. Not only will it cost you much less in the short term, but you’ll also be doing your part in helping the environment by keeping such goods out of landfills. Just make sure that whatever you’re buying is actually working or in good condition before paying for it, as some people can be unscrupulous enough as to sell damaged or defective goods as pre-owned.

Canvass around for the best deals.

Don’t just buy from the first office supply vendor you see. Do your own research and hunt for the best deals around. The office supply market is quite competitive, and you’ll find no end of price variances between them so long as you take the time to look. By doing so, you may even find a startup office supply company willing to give you a large discount in return for you being a loyal customer.

Put a limit on who can access the supply cabinet.

One of the biggest reasons why office supplies run out too quickly is that every employee has access to them. Therefore, it’s possible that employees are going to be taking much more than they actually need, or even take some of the supplies home with them as a sort of petty office supply theft. Prevent against this by putting limitations on who can access the supply cabinet. This way, only the amount of office supplies needed will be used, thus stretching the month’s supply for much longer.

Always ask for warranties

If you’re buying expensive pieces of technology, such as delicate electronic equipment, appliances, computers, and even vehicles with the company procurement budget, then it’s always a good idea to ask for warranties for every single one that you buy. This helps protect your investment from malfunctions, defects, or damage that you’re not responsible for, allowing you to have the item in question repaired or replaced without any further expenditures.

Maximizing the company procurement budget means being smart with your purchasing decisions Managing the procurement budget for your company may seem like a hassle, but it’s important in ensuring that you’re not spending money unnecessarily. Take the above ways in mind and you’ll be able to stretch that budget as much as you need to, allowing you to pass on the savings on both your customers and your employees.

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