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Well-planned
purchases affect the price, delivery and availability of products for
sale. That's why having a buying plan is critical to your business'
performance.
Successful
inventory management demands that buying plans be formulated early enough
to allow for intelligent buying without any last minute panic purchases.
Your
purchasing plan should account for the depletion of the inventory. Before
making a decision about the level of inventory to order, determine how
long the inventory you have in stock will last.
A
good purchasing plan details:
-
When
commitments should be placed
-
When
the first delivery should be received
-
When
the inventory should be peaked
-
When
reorders should no longer be placed
-
When
the item should no longer be in stock
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