Chapter Name: Procure goods for your small retail business at least once per week over a period of one (1) month
Description:This chapter covers procurement planning, supplier negotiation, and purchasing.
Purpuse:To teach learners how to procure stock cost-effectively and on time.
Rational:Effective procurement ensures stock availability and contributes to smooth business operations.
Chapter Assessment
Expected Supporting Evidence:
No supporting evidence data available.
Workplace Activities
Activity 1: Draw up a list of suppliers of your various required products/services
Identify and list all suppliers providing goods and services essential for business operations.
Activity 2: Compare prices and negotiate for the best price, payment terms, and delivery options
Evaluate supplier offerings and negotiate favorable terms to reduce costs and improve cash flow.
Activity 3: Determine the quantities required and the frequency of orders
Assess sales trends and inventory levels to decide optimal order quantities and reorder frequencies.
Activity 4: Ensure that the storage facilities are secure and suitable for your types of products
Implement security measures and maintain appropriate storage conditions for products.
Activity 5: Place the orders and make payment to the suppliers
Order products/services from suppliers and process payments accordingly.
Activity 6: Check the delivered goods against the order for correctness and address any discrepancies with the supplier
Inspect received goods to ensure they match the order specifications and resolve any issues.
Activity 7: Place the goods in your storage facilities and update the stock inventory
Organize received goods in storage and update inventory records.