Tips for a Growing Business
The 21st century, an era of speed - non-stop information flow, quick decisions, ever-changing environment, unexpected customer requests, rapid growth, and equally rapid decline if you can’t meet market demands.
If your business is growing and up until now you have been managing all of its aspects yourself, maybe it’s time to think about how to cope with it and whether you need help. 24 hours a day is not enough to handle production, operations, sales, marketing, finance, purchasing, etc., some of these areas will inevitably fall through the cracks. Purchasing will be the first to fail; maybe you never even considered it to be the business field worth your attention, and it’s understandable since what can be easier than sending an order to a supplier… You have enough on your plate and would reduce your involvement where you could in order to invest it in the areas that are directly impacting the product you are offering to your customers.
The problem here is that purchasing is also directly impacting your product. If you do it right, you spend less and increase your margin. The saved and earned money can be invested in your product and business development or just go to the profit line so that you decide later, what to do with it.
And the big question is, how to handle purchasing? Do it yourself as you are used to? This means managing the growing volume and demand and of course increasing spend without having proper control over who your suppliers are, where the money goes and if there is a more efficient way to distribute it among the suppliers. Or trust the professionals who know how to deal with suppliers. This could be your own buying team or hired consulting agency, both of which might not justify this investment for your type of business, because you need to keep them on your books for a long period of time also when you might not need their services or want to scale them down or up. An alternative would be to join our #EoS4U platform, which provides purchasing services on demand and provides businesses who need purchasing help to aggregate their volumes and get good prices from the suppliers.
So, in the era of speed, you can’t do everything on your own, and do it efficiently; and it’s always wise to separate the duties and focus on your core activities while commissioning the others to do the rest. And the good news is that there is plenty of choices on how to involve professionals, including new solutions like #EoS4U that would allow you to get purchasing help for a fraction of money that will return to you in the form of savings and stable supply.