A number of businesses today run at a loss because of poor supply chain management. This is a lesson to be learnt and an art to be mastered. As a newbie in the online business, it’s awfully important to know what you do inside out. So here’s a quick round-up of 5 business improvement ideas we recommend you align with your business from the very onset. Always negotiate
It’s not uncommon to think that all prices are etched in stone. However, that may not be true for all suppliers. The knack is to bargain in a professional manner. If you like the way a particular supplier works and think they would make great partners for the long haul show them the bigger picture first, it will help get your foot in the door better.Communicate with your suppliers
It’s incredibly essential to stay in good terms with your suppliers constantly. A good rapport can earn you cost-saving deals and also keep you abreast with what’s trending. Also, when you sign up with a supplier, ensure you take them through your policies with regards to the contract and ask for a copy of theirs as well. This helps to negate the room for future gaps in the way each of your function. If there are any differences of thought, ironing them out, in the beginning, will save you both a lot of time and money.Stay on top of your budget
Here’s an intelligent way to implement this one. Capture details against the following parameters to gauge how well your business is doing:
Cost per Order Processed
Cost per Order Handled
Cost per Unit Delivered
Average Order Value
Apart from this, one of the most valuable business improvement ideas is to evaluate how often your product is being touched, that is how many hands relays it until it reaches its destination. Once you have this number, evaluate to see if you can reduce it, as it will mean better margins per sale.Have a fool-proof backup plan
Most additional costs are incurred due to unequipped supply chain processes. As a business owner, understanding your process not just before but after the sale as well (in cases when a customer returns the product) will help you gauge where you stand with each transaction. Scan your process for the smallest to the biggest possibility of failure before you put it into practice. This will help you not only provide effective deliveries but put you in the good books of your customers as well.Embrace technology
Of all the business improvement ideas this one reigns in our day and age. There is a gamut of cloud-hosted supply chain software that can do wonders in reducing your requisition order cycles. Most of them are pretty intuitive, some eliminating the need for POs having advanced interfaces that help you keep a track of both your goods and funds in a jiffy.
Armed with this knowledge, it’s time your register on Amazon as an e-seller
and experiences the benefits of a national platform
of renown. You can also check out Amazon’s Affiliate Program that ensures your product gets the limelight it deserves.