February 2023 - Lumatrak

Supplier Evaluation

Posted on February 23, 2023February 22, 2023 by Lumatrak

Supplier Evaluation Reasons for reviewing existing Suppliers Regularly reviewing and evaluating the performance of existing suppliers is extremely important in the Goods-Not-for-Resale (GNFR) space of retail. There are several reasons why regular supplier performance reviews are important: Identifying areas for improvement Regular reviews allow a retail business to identify areas where suppliers may not be meeting expectations or where improvements can be made. This could...
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Supplier Selection

Posted on February 16, 2023February 22, 2023 by Lumatrak

GNFR Supplier Selection Selecting the best suppliers Developing a process for assessing and selecting suppliers is an important step in optimizing the GNFR supply chain. The process should be based on a set of criteria that are relevant to the specific needs of the retail business. Factors to consider Some common factors to consider when selecting suppliers include: Cost Assessing the cost of the goods or services offered by the supplier is an important factor in determini...
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Managing GNFR

Posted on February 9, 2023February 22, 2023 by Lumatrak

Managing GNFR Managing Goods-Not-for-Resale (GNFR) is important in a retail business because it can have a significant impact on both the top and bottom line. GNFR expenses refer to the costs incurred on items that a business purchases for its own use, rather than for resale to customers. These can include items such as office supplies, fixtures, and equipment. Although GNFR expenses are not directly tied to revenue generation, they can still have a significant impact on a retail business's ...
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The Importance of Managing Goods Not For Resale Spend

Posted on February 2, 2023February 22, 2023 by Lumatrak

The Importance of Managing Goods Not For Resale Spend In a retail business, managing Goods-Not-for-Resale (GNFR) spend is crucial for maintaining profitability and ensuring long-term success. GNFR spend refers to the expenses incurred on items that a business purchases for its own use, rather than for resale to customers. These can include items such as office supplies, fixtures, and equipment. Although GNFR spend is not directly tied to revenue generation, it can still have a significant im...
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