Saving money is one of the best ways to prepare for the future because needs and desires are sometimes unpredictable.
Furthermore, having extra money to spend gives you the ability to improve your business immediately. Maybe you need to train your employees. Maybe you need to hire new employees, or want to give productive employees a raise or a bonus. Maybe an unforeseeable disaster occurs and repairs need to be made.
Anything can happen in life and having extra money available can determine whether your business fails or succeeds. One way to always have extra money is by saving it. You can save more money by putting these purchasing habits into practice:
Purchase from the right people
Be sure to purchase from people you know and trust. You should have a close and direct relationship with these people. Relationships like these are built upon loyalty. People you know and trust will give you the information you need to achieve greatness because they want you to succeed. They will tell you the truth because your friendship is important to them.
You can also purchase from vendors that your trusted contacts have close and direct relationships with. One way businesses lose money is by purchasing products from vendors they do not know. These vendors may not have your best interests in mind and they may be more concerned with making a quick buck.
Pay for quality service
When it comes to saving money, purchasing efficient, quality service is key. Poor service can result in you spending more because the job was not completed correctly the first time. In addition, it can result in you wasting time and having to wait longer than expected to get the products you need. This can keep you from running your business effectively and can prevent you from getting your customers the service or products they need.
Before purchasing from any company, do research. Check the Better Business Bureau, Angie’s List, the company’s website or do a Google search to read reviews. Find out whether or not the prospective company offers quality service because paying for efficient, quality service will have a positive impact on your bank account balance in the end.
Buy quality products at affordable prices
Another way to save money is to purchase quality products at affordable prices. One way to do this is to purchase products when they go on sale. Many companies have sales throughout the year especially during important holidays. Purchasing products on sale will enable you to increase your savings, especially if you need to buy in bulk.
Also remember to shop around. Does another company sell the same product you are looking for at a cheaper price?
Also, do not forget about your trusted contacts. Is it possible that one of them has a business relationship that will enable them to get you a discount on the product you need?
Purchase only what you need
Save money by prioritizing potential purchases. What do you really need to buy?
Some companies try to encourage customers to buy by offering an incentive like a “Buy One, Get One” sale or a coupon. Seeing a sale or receiving a coupon does not mean you have to purchase anything. Sometimes purchasing something you do not need can be more detrimental than helpful.
By taking note of your needs in the past, you will be able to prioritize future needs and estimate when those needs might arise. This will help eliminate unnecessary spending, and it will also help you save more money.
Saving money is definitely beneficial to any business. That saved money may be the life jacket you need to sustain your business during an emergency. It can also help you pursue the goals you have to improve your business.
For our business, Bank Card Systems, we have applied many of these principles. For example, we have saved ourselves and our clients’ money by establishing direct relationships with equipment manufacturers and eliminating the costs associated with third party vendors.
As you begin or continue your money-saving journey, remember to purchase products from someone you have a close and direct relationship with. Also, remember to pay for quality service. Be sure to purchase only what you need and be sure to purchase quality products at affordable prices.
Little by little, these purchasing practices will help you prepare for and secure the future of your business and those you serve.
By Tarek Saheli, CEO of Bank Card Systems. Part of BCS’s mission is to save merchants’ money because they have their merchants’ best interests in mind. The company does so by acquiring savings through the elimination of third parties and by passing these savings on to its merchants. In addition, BCS also lives up to its mission to save merchants money by offering many services for a small fee. Learn more at www.bcspos.com.