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How to Maximize Profits off Your Inventory

February 21, 2024

Linda Morrect

How much capital is tied up in your inventory? If you’re anything like the average business, the answer is either ...

$Groceries are one of the most significant expenses for many households. But there are several simple ways to save money on groceries without cutting back too much on food quality or sacrificing convenience. Use a calculator while shopping to keep a running total in your head of what you're spending as you add items to your cart. This will help you avoid surprise charges at the checkout counter. Look for coupons online. Whether you're an extreme couponer or simply looking to save a little money, there are many ways to slash your grocery bills. It may take some time, but the rewards can be worth it. One of the best places to find coupons is online. Websites such as RetailMeNot and several others feature various discounts, including those for grocery items. Alternatively, you can sign up for email lists to receive coupons directly from retailers. Remember loyalty programs, too. Many grocery stores offer these programs, which usually cost nothing to join. These programs often include generous members-only coupons and points you can redeem for store credit later. Take advantage of in-store promotions. Whether you're tech-savvy or prefer scissors and newspapers, there are many ways to save money at the grocery store. For instance, many grocery stores have weekly flyers that highlight sale products. Experts suggest browsing the ads before heading to the store and building your meal plan and shopping list based on what's on sale. When buying in bulk, keep your family's favorite items in mind. Stocking up on things that your family doesn't love could lead to saving food, money, or both. For example, a deal on 24 chickens may be worth it if you know that your family loves roasted chicken and can easily consume the entire order. Another way to save money is by purchasing produce in season. For instance, asparagus will be cheapest from February to June, and tomatoes will be cheaper from June to October. This also reduces the amount of time spent storing and preparing vegetables. For more information, check out this handy vegetable and fruit seasonality chart. Finally, remember to look for coupon opportunities at checkout. Many grocery stores have devices that blink and share coupons, and some stores have free coupon booklets you can pick up near the entrance. Buy in bulk Spending more upfront to save more later seems counterintuitive, but buying in bulk can help stretch your grocery budget. The idea is to buy more items you know you'll use, such as household products or reusable grocery bags. You'll likely find that the price per unit (or ounce) is less when you buy in bulk, especially if you shop at warehouse clubs. Many prices will include a unit price on the shelf, making it easy to do a quick smartphone calculation before purchasing. However, it's essential to only buy in bulk for the things you know you will use. Otherwise, you may waste money or create clutter in your pantry or storage closet. To avoid this, shopping for bulk items once a month is best. This way, you can still enjoy the convenience of having more in stock without running the risk of accumulating too much or having to pay for costly credit card interest. Don't forget about loyalty programs. Loyalty programs can be a great way to get coupons, especially for products you use often. Manufacturers often offer loyalty coupons that can be redeemed at any grocery store, and many supermarkets have loyalty programs that give customers instant or future savings when using a loyalty card or purchasing certain brands. Apps allow consumers to upload receipts and earn rebates on their favorite grocery store purchases. The best part is that these apps don't require clipping or cutting -- they're downloaded, activated, and redeemed at the register. Grocery stores want to keep loyal shoppers, so they're always offering deals to help make your grocery bill as low as possible. If you have a few couponing strategies, you can save $20 or more per shopping trip on groceries and personal care items. For the best deals, comparison shop for specific items before heading to the grocery store, and try to avoid squeezing in a massive haul during the weekend morning grocery rush. Buy store-brand versions The rising prices of food have consumers looking for out-of-the-box ways to save. Some grocers offer their brands that are cheaper and just as good as name-brand products. For example, some are often lower priced than their brand-name counterparts. In addition, store-brand products can usually be found for a fraction of the price at stores. When comparing store-brand and name-brand products, look at the nutrient label. While some are cheaper than the Wegmans brand, their calorie count is twice as high. If a product you're interested in is on sale but the grocery store has run out, ask for a raincheck. Many grocers will allow you to buy the item at regular price when they restock; some even offer a money-back guarantee on store brands. Another option is to download an app that connects shoppers with grocery stores, bakeries, and restaurants with surplus food that would otherwise be thrown out. The app then rewards shoppers with gift cards for buying the items.$

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