In our last blog, we highlighted the fact that the busy holiday shopping season is one when retailers from all over Canada need to order extra inventory. The thing is that buying all of that extra inventory isn’t always so easy. In many cases, inventory bought in bulk provides more product than what is needed by a small business. And in other cases, buying in bulk is unaffordable. So what can be done to make ordering inventory easier?
Here are three ideas:
1. Negotiate with your suppliers. Just like your own customers, you should be looking to get a deal this holiday season. Hopefully, you’ve developed strong relationships with your suppliers over the years. If so, be sure to get into discussions about the most affordable ways to order from them. On MyTotalRetail.com, Victory Treyger encourages business owners to not be afraid to open up negotiation talks.
“The people you purchase products and materials from are aiming to meet or exceed last year’s holiday sales just like you are,” she writes, “To do that, they’ll be looking for ways to give good deals so that customers like you will purchase in bulk quantities. Bulk discounts are quite common at this time of year, and remember that even the initial price offered isn’t set in stone. It can never hurt to push for a bargain. If your suppliers are in jolly holiday spirits, negotiating bulk costs can go a long way to help you save money on inventory up front.”
2. Use technology to keep tabs on the inventory you have and need. What do you have in stock? What items are most in need of restocking? Sure, you can answer these questions by walking around your warehouse with a pen and pad or you can take advantage of the fact that the year is 2016. As Treyger reminds us, there are many different downloadable computer programs and mobile apps available to help you keep track of the inventory you have in stock.
“The many options out there range greatly in price, and all have different bells and whistles to suit various businesses’ needs,” she informs, “If there’s ever a time of year when it’s of utmost importance to save time and resources, it’s during the holidays. Inventory management software can help get the job done.”
3. Apply for a merchant cash advance. At Synergy Merchants, we make it easy for Canadian business owners to get their hands on the much needed extra working capital they need to buy inventory for the busy holiday shopping season. In many cases, getting extra working capital is necessary for business owners to be able to afford buying any new inventory at all.
“You’ll likely face significant extra costs up front as you prepare for the holiday rush,” reminds Treyger, “Not only will you need bulked up inventory, but also additional packing and shipping supplies and other unforeseen costs. This means you’ll most definitely need some extra cash. Even if you plan to turn an awesome profit after investing in these up-front costs, remember that those sales will come in a later profit cycle than you need them…By securing financing ahead of time, you can happily scratch cash flow off your company’s holiday wish list.”
For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at email@example.com.