Review your suppliers and check your supplier procedures to reduce inventory waste.
Not all companies purchase in such high volumes; nevertheless it is still a good practice to review your suppliers. How long have you been working with your current suppliers? Are they meeting your needs, (price, specifications, quality and delivery schedule)?
Make a schedule to meet with your suppliers over the next few weeks and have a closer look at what you spend with them and how your communications flow in each direction. Start with your largest, most strategic suppliers first.
Supplier evaluations are something that should be done a few times a year. I would suggest that it’s something you would want to do formally every 4 to 6 months with your big suppliers and informally every 2 to 3 months. Regardless of your establishment’s size, it really does pay off to have these reviews with your suppliers; after all, they carry as much risk as you do based on your success.
Mike has worked across Canada as a food and beverage professional and currently divides his time between writing and teaching people how to start and run their own businesses.