USING BEHAVIORAL SCIENCE TO DESIGN A CUSTOMER-CENTRIC FINANCIAL MANAGEMENT TRAINING FOR MICROENTREPRENEURS • Financial Heuristic 13: Buy your stock on a weekly basis: Plan your trips to the wholesale supplier so you get all of the items you need at once. ▫ Why: Short quick trips to stock on a few items are a waste of time and money. • Financial Heuristic 14: Stock up on products your customers buy from your local competitors. To do that, each week ask 2–3 customers what goods they buy from other shops and why. • Financial Heuristic 15: Once a week visit a shop in your neighborhood to check what products they sell. Pay attention to the products you currently don’t sell and how other shopkeepers display their products to attract customers. ▫ Why: You build your customer loyalty when you proactively look for ways to satisfy your customer needs. • Inventory Management Module Recap: ▫ Buy more of your most popular items and the items clients buy together. ▫ Plan your business purchases weekly, and buy your items from wholesalers. ▫ Stock up on items your customers tend to buy from competitor stores. ▫ Once a week, visit a competitor store to check what items they sell that you don’t. Supplier Management • Introductory Message to Supplier Management with Client Testimonial: ▫ Introduce the supplier management topic and share the usefulness of tips offered in this module with a testimonial from a small business owner practicing these tips. • Financial Heuristic 16: Get to know several suppliers in your area, and monthly compare prices, quality, and reliability across 4–5 suppliers. Choose the supplier/s with the best price, best quality products, best payment terms, and timely delivery. • Financial Heuristic 17: Use the price information you have collected to ask your current supplier for a lower price. ▫ Why: Getting the best price and quality for the products you sell increases your profit, and helps you keep your customers happy. Do not rely on one supplier for your goods because they might not give you the best price. • Financial Heuristic 18: When purchasing your goods from the supplier/s, ask for a cash discount for paying in full, instead of purchasing on credit. ▫ Why: Cash discounts help you keep your business costs down. • Supplier Management Module Recap: ▫ Each month, compare prices and quality of products across 4–5 suppliers. ▫ Negotiate prices with your current supplier/s. ▫ Take a cash discount instead of purchasing on credit. 2131