Navigating the complexities of purchasing business supplies and inventory management can be a constant challenge for business owners and operators. There are so many factors to consider. For example, what are the “must-have” products and does this list change throughout the year? Is it more? cost effective and easier to buy as needed or to reserve for the coming months? Perhaps most importantly, what can be done to save valuable time while shopping?

These are among the questions The Walmart business has explored with business owners and operators in our mission to help them save time, money and hassle when purchasing supplies. To that end, we recently commissioned industry research firm Morning Consult to survey 500 US business owners and operators on their supply budget management practices.

We learned that most owners and operators expect to increase their supply budgets this year. Interestingly, their purchasing decisions and shopping preferences vary along generational lines.

Supply budgets are increasing across all sectors

Sixty-one percent of respondents plan to increase their supply budgets this year. This expectation rises to 78% among younger respondents (18-34 years old).

When asked about their investment plans for the coming year, 58% identified technology (computers, A/V equipment, telephones) as the most anticipated business, followed by office supplies and furniture (41%) and facilities maintenance (38%).

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Technology acquisition is an important area of ​​investment

A closer look at the purchase of technology shows that a quarter of business owners and operators believe that technological advances significantly affect their supply budgets. This figure rises to 37% for owners and operators aged 18-34. Additionally, this age group plans to invest in technology more than any other over the next year.

The expected technological growth may signal a growing awareness among business owners and operators of the benefits that any business (including yours) can realize by deploying technology to automate manual tasks and processes. As I explained in my last columndoing so can increase employee satisfaction, improve operational efficiency and drive innovation.

While the essentials of the business they are buying may vary, most owner and operators share one common trait: they are very selective when they make purchases.

Three priorities: Quality, cost, convenience

Our survey found near-unanimous agreement among respondents that cost, quality and convenience are the most critical factors in their purchasing decisions and supplier choices. Overall, 96% rate product quality and durability as important or very important, and 93% consider cost an important factor. As one respondent explained, “The brand name is not that important. It's honestly more about is (the product) good, is it reliable and is it cost-effective?”

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Strive for reliability and flexibility

We also wanted to learn more about our respondents' inventory management and purchasing approaches. After all, a business can't produce the products or provide a service if it doesn't have what it needs when it needs it.

Most owners and operators anticipate their supply needs at least a month in advance. In fact, 80% carry inventory that will last 1-3 months or more. Only 19% carry minimal inventory and order supplies as needed, typically buying enough to last a few weeks or less.

Over a third (38%) of respondents said subscription services are a very important or important factor in their purchasing decisions. That's why Walmart Business offers a subscription service that saves you time when re-ordering the supplies your business needs to operate.

We understand that time is a precious commodity, so it was no surprise that 86% of respondents said that the convenience of pickup and delivery plays a major role in their supplier selection process. Walmart Business offers fast and flexible fulfillment options, allowing customers to choose how, when and where they want purchases fulfilled, including delivery and pickup from more than 4,000 of our Walmart store locations nationwide.

For those who prefer to shop in-store, Walmart Pay functionality in the Walmart Business app enables access to the organization's common payment method and tax-exempt purchases (for eligible and registered organizations).

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Strategic supply budget management

Whether or not business owners and operators plan to increase their business supplies budget, we know they will take a careful and thoughtful approach to shopping. They look for good quality, reasonable prices, and convenient delivery and pickup options. What is most important is to get the best value for their money and make the process as easy as possible.

At Walmart Business, we're committed to helping our customers do just that. We provide solutions that simplify purchasing and tracking inventory so they can spend more time focusing on running their businesses.