Firstly what IS a purchase order?

It’s a written record of types, quantities, and agreed prices of any goods or services that you buy in for your business from external suppliers.

When the supplier accepts the purchase order, it forms a contract between you. This means clarity for both you as the buyer and the supplier as seller because:

You, the buyer have clearly and specifically communicated your requirements and intention to buy

The seller is then protected in terms of recouping money owed for goods or services supplied.

Here’s 5 good reasons to use them:

1. You are organised – instead of trying to remember phone conversations or search through various emails, both you and your supplier can find all the details relating to your purchase in one document such as prices, quantities, contact details and delivery address etc.

2. More efficient – especially if you have electronic versions of your purchase orders, you can easily manage your expenditure on your computer rather than rifling through reams of paperwork, which may or may not have been filed in the right place!

3. Avoid mistakes! There should be minimal mix ups or misunderstandings relating to what you ordered or the prices agreed if it’s all there in writing for everyone to see. It’s a legally binding document.

4. Easily keep track of orders – as each purchase order has a unique number, your supplier can quote this number on their delivery note so you can match up the goods with your order when you receive them.

5. Keep in control of your accounts – you will have the figures for all your purchase expenditure at your finger tips. If you use accounting software, you can transfer this information into your accounts at the click of a mouse. This will help you be in control of the money which has gone and is due out of your business and help keep on top of cashflow.

The example above, illustrates the kind of information you should include on your purchase orders. You can create your own templates or use simple accounting software to automatically create and edit your purchase orders.

 Promotions, marketing, advertising, selling – they’re all about the same thing: getting your  message across.

 The easiest way to start promoting your business is to create your LIFT SPEECH. Have you heard of this? A LIFT SPEECH (or elevator speech) is another name for a concise description of you and your business. The idea is that when you first meet someone, you have a very short amount of time, say 10-15 seconds,  in which to tell them about your business and hopefully interest them in what you do. So, it’s the equivalent of meeting someone in a lift and making an impact in the time it takes to travel between floors. No pressure then!

 If you take a little time to plan what to say in advance, you can reap the benefits over and over again. You can also use the description in written form for your website, social media and advertisements.

 Here’s the key things to include in your LIFT SPEECH:

 1. Your name

2. Your business name

3. Where you’re based

(this can often be left until later depending on the situation. It may be relevant to mention if you are at a local meeting or if overseas, to mention your business base country)

 4. What You Offer

Don’t get bogged down in details of the features of your product or service. The key thing is you are just giving a brief summary, allowing the other person to ask you for a card or more information if they’re interested. Also try and think of what you do solely in terms of how it can benefit the listener. This will need to be tailored according to the situation and type of audience. In a business networking environment, bear in mind that the main concerns that business managers have are:

• How to save money
• How to increase income
• How to save time

 Frame your description with these things in mind.

 So, an example for an invoicing software product might be: “Helping small businesses sort out their finances simply and quickly.”

 When you’ve had a go at writing yours. Try reading it and asking “so what?”. This sounds quite harsh but it’s a good way to guage whether the content of your speech will strike a chord with it’s relevance.

5. Engaging ending

A great way to end with impact is to ask the other person an open question (ie. not one that requires a yes or no answer). The obvious is “and what do you do?” but if you’re at an event you can also ask what they hope to get out of the meeting, or what they are interested in. Hopefully the conversation will flow and you and your business will have created an impression.

Here’s some other tips for getting your LIFT SPEECH right:

• Stick to the KISS rule – “keep it simple stupid!”. Make every word count. No waffling or you’ll lose people’s attention. Being concise will portray your competence. And short statements have much more oomph. Aim to keep it to 20 seconds maximum length.
• When delivering your lift speech, be confident and speak clearly. It helps to have a positive, upbeat tone and convey your passion for what you offer. Couple this with sincerity to create a good impression.
• Make eye contact with the other person. Also keep an eye out for their body language. You may pick up signs that they’re interested in a particular point you’ve made and you can then follow this up with them.

Please feel free to share your LIFT SPEECHES here and let us know what works for you.