Proactively manage your suppliers and the payment process.
- Managing suppliers and the payments
- Always buy using a Purchase Order
- Buy the best terms to fit your needs
- Sometimes it’s beneficial to pay a little extra for better terms and service
- Set up proper procedures
- Control your inventory
- Work with your schedule – order what you need
- Bill for stored materials if you can
- Time your deliveries to stretch the payables
- Tracking and communication
- As always – communication is key
- Let you vendors know how you work with them
- Let them know what you want
- Track all deliveries at the time of delivery – note any damages, etc.
- Let suppliers know what is going on
- As always – communication is key