How to Save Money on Your Business Purchases

All photos: Sincerely Media

#1. Used and Refurbished Options

While you can buy privately from people looking to sell equipment they no longer need, you don’t get the same assurances and quality control, not to mention warranties via private sellers, as you would from reputable businesses.

#2. Hire

In many cases, hiring equipment can be a more flexible and cost-effective option. This is especially true for items you don’t need on a day-to-day basis or that require extensive upkeep and maintenance. The hiring company often covers these costs, allowing you to focus on your business operations. If your industry is constantly evolving with new technology, renting over buying can be the perfect choice to help you scale as required. Hiring can be a great option if you can’t afford the upfront cost of a purchase. It also gives you the flexibility to adapt as your business needs change.

#3. Time It Right

If this isn’t possible, hiring equipment in the short term may be an option, or if the savings aren’t significant enough to justify holding off, then it’s not worth it. But stopping to assess the market and trends to pricing for what you want to buy, means you can time the purchase right to get a better deal.

#4. Buy In Bulk

This isn’t always applicable to all purchases, but if you are buying more than one item or making multiple purchases from the same vendor, then you might be able to take advantage of offers for bulk purchases made at once, not spread out. Again, you might find you need to hold off on purchases until you can afford to make the extra purchase for the same order, but if you can look at what is on offer for larger orders, you can save money where possible. Buying anything in bulk can lead to significant savings, so it’s worth considering if your budget allows.

#5. Negotiate

Go into discussions with a plan for asking for discounts; you need to have something to offer for greater results, i.e., a discount will make you spend more or enter into a contract, for example, but don’t just turn up and expect to get something for nothing. It might not work in all instances, but it’s definitely something to try, especially for more significant purchases.

Remember, negotiating is not about getting something for nothing but about finding a win-win solution that benefits both parties.

Summary…

Negotiating for better prices, timing purchases correctly, and understanding alternatives to buying brand new can unlock savings for your business and help you get the most from your budget. The more you can purchase for your money, the more cost-effective the purchase will be.