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100 WAYS: #21 Scale Back Orders But Pounce On Deals
– January 24, 2011
Proper cash management is extremely important in today’s economy. It is probably not wise to tie up your cash with inventory or supplies unless absolutely necessary. Most of your suppliers can deliver your requests within 24 hours so try to time your orders until you absolutely must restock.
Only order large quantities when the price break warrants it. Even though suppliers are starting to offer substantial discounts it is important to ask these two questions:
- DO I really need this quantity?
- WHEN can I reasonable expect to use or sell this?
This is Profit Enhancement Idea #21 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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