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…