Today was a busy day. I arrived at the company late after visiting the bank to arrange some payment.
Aside from my day job, I'm also in charge of a side business, and my role includes purchasing management.
I don't have any official training for this job, I do it, and improve it through each order. Back to years ago when we just started this business, I had overbought several times, leading to an extended inventory date, and we were always short on cash.
Tim flew, and now I have become more experience in my job as a purchaser. Here are some points that I keep in mind for my work:
- Inventory: Sounds complicated yet straightforward. A list is the soul of any retail business. Maintaining an inventory sufficient for selling while keeping the cost at the minimum has always been challenging to me.
- Sales: The amount of sales is also significant when it comes to planning for your next purchase. Usually, I tried to maintain inventory level based on the number of sales for each product. By doing that, we can easily keep track of what items need restocking
- Payment term and delivery date: Believe it or not, payment term is critical when it comes to selecting a supplier. Long payment term gives me flexible payment while fixed-term made me arrange my payment more precise. However, as some suppliers offer the discount based on a fixed payment term, sometimes paying the bill in a short time can give me an extra discount.
I will try to make time to have a full training course on purchasing to gain a fundamental set of skills for my daily job.