Finance Directors – Do you know if this is how your purchasing and accounts payable staff work? Whilst this may be the bare minimum required to monitor for any significant price increases or usage spikes, it is not a reliable strategy to ensure that your suppliers are charging competitive rates.
And with well-embedded suppliers, complacency often sets in which facilitates inefficiencies and bad habits in purchasing, which slowly becomes the norm and is then consequently unchallenged.
Many businesses have not checked their procurement processes and costs because purchasing and financial staff simply don’t have the time or knowledge to complete the analysis required.
And with April price increases looming, Finance Directors cannot possibly be expected to know everything about all the overhead products and services their company purchases. The fact is, most companies are simply throwing money away by overpaying for goods and services. How do I know that? In 30 years of cost reduction consultancy I’ve achieved worthwhile and sustainable savings for 99% of my clients on a self-funding, no savings, no charge guarantee.
If you would like to explore how my service at Watermill Lane Associates can add value to your business without any additional cost to you, please get in touch for an exploratory chat, and profit from my experience.