Explore inventory management strategies: Storing excess inventory can be costly, and reducing the amount of inventory you keep on hand can reduce your carrying costs as well. Think about whether a just-in-time-inventory model works for your business needs.
Create more leverage with suppliers: One way to drive down prices is to ensure that you have only one point of contact with each supplier, and leverage opportunities for discounts based on your aggregate purchases across all departments in your enterprise.
Pay promptly: Everyone's always thinking about receivables – but what kind of payer are you? Companies that pay on time develop better relationships with suppliers and are in a position to negotiate better deals and discounts.
Apply diligence to avoiding bad debt: Take a more rigorous approach to credit checks on new customers and managing credit limits more carefully.