Procurement Principals & Practices

OUR EXPERTISE

The CBG Best Purchasing Practices
Planning for the future in Purchasing
Reviewing and implementing your Purchasing strategy

In the current uncertain climate and with the looming threat of WTO rules and European trade negotiations derailing the steady period of static pricing we have been enjoying- there’s now the potential of increased export/import duties, exchange rates and lack of supplies crossing borders to consider.

By taking the time now to review and analyse your current purchasing habits whilst researching and implementing new ones, you’ll be in a much better position to mitigate any possible financial uncertainties.

So, what are the best practices to consider within your purchasing strategy? Firstly, there’s a healthy supplier/customer relationship. It includes honesty and trust on both sides to provide the very best in materials at the best possible prices available. This ensures a long-term relationship which is adaptable to the climate, the market and any other future changes in circumstances.

Plan ahead, as far as possible. Have an idea in mind of where you’d like your company to be within 1, 2, 5 or even 10 years’ time. Consider any any potential risks that lie ahead and how you plan to mitigate them if they arise. Here at CBG we supply all of our clients with the latest in market news and trends as well as advice on what’s coming up in the future. We research, we analyse, and we stay on top of it all on your behalf to ensure you have all the knowledge and tools required to look at the bigger picture.

Work smart with your finances. A strong purchasing strategy includes a smart financial plan and by using analytics and technology you’re able to adapt your budgets to suit your current climate, which leads us swiftly onto our next point…

Stay one step ahead of with technology. In 2019 we’re lucky to have access to a wide range of technology available to us. Technology however changes by the day, week and month so it’s useful to ensure you’re up to date on what’s new and what works well.

Don’t be afraid of negotiation. This also leads back to our earlier point on a healthy supplier relationship. Negotiating prices and requirements is all part of the deal, and a good negotiation should boost relations rather than hinder it. Study your options and take note of prices elsewhere, if you feel you can get a better deal with a competitor then bring this up with your supplier initially and they should be able to match if not beat their competition.

Step into the mind of your customer. If for example, you’re a hotel or a care home, analyse trends. Is there a time of year where some products are required more than others? An occasion or such like perhaps? There’s no point over ordering on a product when the money could be spent elsewhere so it certainly pays off to pay attention to what your customers really need or want at the moment. It’s also a great idea to chat to those on the ground, your staff who use the products on a daily basis are best placed to advise what’s working, what’s not and what’s required.

There’s no better time than now to let CBG review your purchasing practices. Whether you’re a long running business or a brand-new company, we’re able to combine our many, many years of experience in purchasing and negotiations within the hospitality industry to create the best in purchasing advice and best practice. With our assistance we can ensure your purchasing habits and strategies work alongside each other and one step ahead of your competitors.

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There’s no better time than now to let CBG review your purchasing practices. Whether you’re a long running business or a brand-new company, we’re able to combine our many, many years of experience in purchasing and negotiations within the hospitality industry to create the best in purchasing advice and best practice. With our assistance we can ensure your purchasing habits and strategies work alongside each other and one step ahead of your competitors.

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