What's my biggest spend?
Posted on 2nd July 2018 at 12:54
If you’re like most business owners, you don’t wake up in the morning saying, “I’m excited because I’m going to review my spend today.”
And that’s fine, as a business owner myself I can understand but its so beneficial despite how mundane the task can be. Ensuring you are keeping a keen eye on your spend will significantly help with cash flow "cited as one of the main reasons why businesses fail".
Data can be downloaded from most business software systems to generate simple pereto charts of your spend on a monthly, quarterly or yearly basis providing you with a visual representation of your "biggest spend". Many organisations fail to do this simple but effective analysis and are regularly shocked with the outcome.
Knowing what and who you are spending the most with has many advantages, giving you insight into future expenditure decisions and assist with department strategy.
Using MCIPS qualified staff, Pro-Outsourcing can help you identify and implement Procurement Strategies that will ensure your suppliers are able to meet your needs now as well as being set up to support your growth.
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