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Buying for Your Small Business

Financial DocumentsDo you own a small business? If so, you’re in the right place to find some tips for buying for your small business. No matter what industry you work in, every owner has to buy something for their business at one point or another. From big to small purchases, from every day expenses to years of saving and planning, purchasing certain items can keep a company not only in business, but also moving forward.

Regardless of whether you’re just starting up a business or you have been in business for years, buying the right things for your business can be a challenge for everyone. Calculating the cost of the items, establishing prices to make the purchase worth it, and determining what costs you have overlooked that are tax deductible are all important factors to consider.

One of the most common, unnecessary expenses involves technology. Some business owners feel the need to supply their staff with personal cell phones so their clients are able to reach them at all hours. However, if you own a small business that only operates from 9 to 5 and anyone can answer the basic questions, it may be best to invest in something less expensive, such as Skype, and use call forwarding. Instead of potentially paying thousands of dollars, you can pay as little as $18 to place outbound calls and receive inbound calls for free.

Another expense that is often over looked is that of a fax machine. While you may think you need one, there are other services that will produce the same results. By using the combination of emails and a printer or a scanner and a free, online faxing website, you are able to rid yourself of the extra line needed for faxing, as well as the extra cost of ink and the machine itself. You can also purchase an individual fax number online and set it up to print any faxes you receive at the printer of your choice.

Invest in quality products. While many business owners know that they need quality, being able to cut costs can often be appealing. However, if you invest in a poorly made product, you could be using two or three times as much quantity of a lower-quality item. By investing in quality products, you guarantee that your merchandise is made right the first time and customers get the best, saving you money. For example, you may be looking to invest in new or used storage tanks; regardless of the price difference, make sure to get the best quality for your business and your customers.

Use the power of online shopping. While many seem to get great deals on office supplies from Staples and Office Max, they are not ordering in bulk. By looking around you and finding a local business, you can cut costs. Many small businesses will offer you a discount if you pay your bill by a certain date, whether partial payments or in full. They may also consider dropping or lowering shipping charges if you are in the same city or county, rather than a few states away.

Although you may think that having extra product on hand will motivate you to sell more, you will eventually hit the point where you are having to lower prices to move them. By ordering less and keeping one individual in charge of inventory, ordering and distributing you have a clearer picture of what you are actually using and what you should keep on hand.

Buying products for your small business may be intimidating at first, but once you get the hang of it, it will be a breeze. Keep your eye open for quality deals at affordable prices and as the years keep going, you will keep your quality high and getting better, without breaking the bank.

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