According to the Ministry of Business, Innovation and Employment, the average failure rate for smaller businesses in New Zealand stands at 41.5 per cent. Poor inventory control and cash flow management are two of the reasons believed to contribute to this figure.
To avoid falling into this statistic, businesses must make conscious efforts to spend smarter to make every cent count.
With the help of the group buying power from n3, find out how you can purchase smarter.
As cash flow is so critical to a small business' financial wellbeing and survival, it's important to stay on top of the following factors:
● Inventory management: Putting the right tools in place, such as a point of sale (POS) system, allows small businesses to keep on top of inventory and supplier information in an accessible and reliable way.
● Purchase Orders: Creating and submitting accurate purchase orders is crucial for good spending practices. It will help your business keep track of spend easily and requires careful management.
● Quality control: Having the essential products to run your business is key - but these items must be of the highest quality. Without, you may find that you spend double replacing faulty and poorly made products - therefore spending more in the long run.
Knowing how to be smarter with your spending is crucial for running a solid office operation.
Here at n3, we specialise in making sure Kiwi businesses get bang for their buck. With over 100 years in the procurement business, we've forged great relationships with some of NZ’s leading business providers for our 12,000 business members. This has enabled us to gain exclusive pricing discounts to help all n3 members purchase smarter and save money at the same time.
We offer a range of services, such as 'On Account'. Here, members can choose to connect with a wide range of n3 suppliers like Officemax, Mercury and Noel Leeming. Once you're set up, you're able to trade directly with your chosen suppliers and start receiving discounts each time.
Our fuel cards are another great example of how we make your money - and company cars - go further. Our partnerships with some of NZ's biggest fuel providers offer better discounts than a direct offer from the fuel supplier itself as well as being applicable at almost every service station in the country.
Both options are designed with convenience in mind. Whether with an account or fuel card, you'll receive a monthly invoice highlighting what your business has spent and saved - easy! This helps you stay on top of expenses and shows what and where you're spending, without having to keep track of fly-away receipts.
If you'd like to find out how n3 can help your business save and spend better, get in touch with the team at n3 today!