Are you using your PO number? A purchase order number is the language between the buyer and the seller. Without a PO number, there is a language barrier that creates some unwanted chaos which wastes time in your process.
Let’s say every item on a purchase order is a person, i.e. the PO number, the name, the address, the items needed, the price, and they are all employees in your company. Every person in a business has a part to play in making the business function in line with its required outcomes. An agreement is made between the company and every employee that is appointed. A handshake is exchanged to seal the deal.
Company spending habits tend to creep up on you. At first, they seem like the least of your troubles. You can hear a far away cry for reevaluating the spend, that some other department can deal with for now. But the reality is, controlling company spend is one of the most important assets of your business.
Why is money wasted in your company? Have you ever done a spend analysis on your company? Maybe it’s time you just stop all the processes in your company and re-evaluate where the cracks in the floor are coming from. After all, you can’t keep building the house if there are cracks everywhere!
Do you ever catch yourself repeating the same bad purchasing habits that kill your budget? I am talking about die-hard habits such as buying things on impulse to cheer yourself up, or, even worse, purchasing new inventory without doing a proper inventory check! The sad reality is that bad spending habits are more likely to stunt the growth of your promising business. Continue reading “5 Bad Purchasing Habits Every Entrepreneur Should Avoid” »
Your purchase order (PO) process is absolutely necessary to your business operations. Why? Because electronic purchasing is quick, efficient and it can be monitored. Not having an efficient purchase order system can have delaying effects on the whole process. It’s like having a debt that is not repaid; it accumulates interest and the entire organization can be brought to a stand-still under the debt load that it has incurred.