Written by
Anthony Ott
Anthony Ott is a Project Analyst at Source One Management Services. Ott supports the execution of strategic sourcing initiatives for Source One’s Fortune 1000 clients, including performing detailed research and data analysis, developing market assessment reports, and identifying cost savings opportunities. His attention to detail and analytical skills is a proven asset in conducting audits and ensuring ongoing compliance.
4 Lean Procurement Strategies For Small And Mid-Sized Businesses
Many small- and mid-sized businesses (SMBs) don't have dedicated procurement teams in place. In fact, thanks to limited resources and tight budgets, sourcing responsibilities often fall on the shoulders of one or two individuals — many of whom juggle responsibilities other than procurement. As a result, monitoring existing contracts and sourcing best-in-class agreements can be a tremendous challenge for these SMBs.
So how can SMBs optimize their procurement efforts despite the lack of resources? The key is to be Lean.
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5 Procurement Strategies For Small And Mid-Sized Businesses
Small business owners wear many hats, and a multitude of demands (staffing, financing, inventory management, marketing, and customer service) quickly consume their time, focus, and daily operations. As a result, procurement tends to be an afterthought — when it should be approached strategically.
Small businesses spend between 45 and 65 percent of sales revenue on procurement of inputs. Therefore, procurement should be considered a viable opportunity to reduce costs and improve efficiency.
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