One thing any retailer can struggle with is the intense effort needed to organize the business, and college bookstores are no exceptions to this. Often it feels like a Herculean task to create plans for the year while managing your current resources and daily tasks. This is where an effective purchasing plan can make a world of difference. Keep reading to see how you can optimize your bookstore’s success by planning your purchasing decisions.
Where to Start?
The first step in your purchasing plan’s development stage is to analyze what your bookstore needs. Compare your current expenses to previous years’ and see where you can save, or where you need to spend more. Define your quarterly strategic objectives and consider how all the factors work together. Maybe you can slim your budget down during the summer months when there are less students on campus, or perhaps you should increase your budget for that time in preparation for the fall. Assess your store’s needs using your own experience to ensure that any decisions made as part of the purchasing plan line up with your bookstore’s capabilities.
Research and Strategize
The next step in creating your purchasing plan is to investigate what’s happening in the market and how it will affect your store. Your bookstore doesn’t exist in a vacuum, after all. Look into market conditions, international political situations that could hurt or help your business, and current and forecasted trends. Once you’ve thoroughly done your research, then you can determine the best way to stock your shelves. Maybe direct sourcing is fine for your bookstore, or perhaps competitive bidding fits your needs better. It might take some trial and error, but once you have it figured out you can finalize your strategy for procuring goods.
Creating Purchase Orders (POs)
Once a strategy is in place, now you can create a PO that defines the details of your order from the supplier. The PO should include every detail of the transaction, such as the type of goods being ordered, the quantity, delivery methods, and any discounts. Share your PO with suppliers so they can work on your order and be sure to keep a copy of the PO number on hand to track the shipment while it’s in transit.
Evaluate Your Supplier
After you’ve received your shipment from the supplier, it’s time to review their performance. It’s important that your supplier meets your needs, so this step is crucial in the purchasing plan. Did the supplier get your order correct? Did the shipment arrive on time? Did the quality of your purchase meet expectations? Evaluating your supplier(s) can help you determine whether it’s necessary to continue working with them or to find a new one that can help your business grow.
Sources:
https://tomorrowideation.com/en/elaborating-a-purchasing-plan-practical-guide-with-examples/
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