What are The Initial Stages of Procurement?
Tailor Train is a procurement company Manchester, we have been helping businesses refine and improve their procurement process to increase efficiency and profit internally.
Procurement can be a tricky process and if not properly managed, can seriously begin to cut into profit margins.
The difference between procurement and just general purchasing is the strategized approach that procurement demands.
But how can you manage your organisation’s pre procurement process?
Read Tailor Train’s latest blog post to find out.
Begin by Identifying your Organisation’s Needs for Procurement
The first step in any procurement process, is to identify your organisation’s need for procurement. This means deciding exactly what the product or products you intend to sell will be, the quality of product that you need to attain and the volume and then you will be able to effectively procure.
Take it from a procurement company Manchester, you need to nail down exactly what you need to procure before venturing out into the world of procurement.
Find and Refine Your Suppliers
Finding your supplier is the next step in the procurement process. Decide what qualities they need to have and from there refine the choice of suppliers until you find one that fully meets your needs is the most effective means.
Take a look at the supplier’s background information for a further understanding of what they are like as a business, for example- how many years they have been operating.
Take it from a business procurement company Manchester- you are only as strong as your supplier.
Ask for Proposals from Your Potential Suppliers
Before beginning negations with any supplier- begin by asking them for a proposal. These proposals will ensure that you are buying your product under the best possible conditions and terms.
As a procurement company Manchester with many years of experience helping businesses in the procurement process, we know that a large amount of businesses do not bother to send proposals and therefore agree to work with subpar suppliers.
Negotiate with Your Suppliers
Once you are sure that you have the best possible terms and conditions for products, it’s time to begin negotiations.
Trying to get the best price for products can be difficult, you need to ensure that you are getting exactly what you need on the best terms and for the best price.
If this is the first time you have worked with a supplier, it is especially important to nail down the right price for future business.
Speak to your procurement company Manchester- Tailor Train about how you can get the best price possible for products.
All Terms Contracted
Before you agree to any business, it is hugely important that you get everything contracted. It may sound obvious; built you need to make sure that every term is inclusive in your contract to protect your business interest should the supplier fail to come through in any way.
Speak to Your Business Procurement Company Manchester Today
Now you know the beginning stages of procurement, speak to your business procurement company Manchester– Tailor Train for further advice on the procurement process.