Reviewing suppliers to save money fast

The scene

Saving money, and fast. It’s a priority when we work with new clients since case flow is king in business. When money is tight businesses suffer. Owners are under the gun. Staff are stressed.

With many businesses everyday expenses chew into profit margins. Some owners aren’t even aware this is happening. Some don’t know how to reduce what they’re paying monthly, quarterly or yearly. Some don’t have the time needed to analyse their financial situation.

The reality is that no business can afford to ignore this scene.

The solution

An efficiency expert can help you take charge with simple, practical steps—with big areas like technology and small areas like stationery. They can support action in many areas. Some of our clients have achieved mega savings (see results). This includes from tapping into our network of trusted suppliers who understand our service standards.

Here are some areas we regularly see as part of the solution:

Invoicing

 Review invoices and analyse how much you’re paying for general daily expenses.

  1. Set up a ‘special project’, working with a member of your team, if reviewing invoices ends up being a major effort.
Technology and telecommunications

Audit this area because it represents major business expense.

  1. Check other options since the sector is always changing—it’s important to be on top of whether you have the best deals and best providers in place.
  2. Consider consolidating to streamline and position you to negotiate better rates.
Travel 
  1. Lean on a trusted and experienced travel provider if your team does a lot of travel, to save time, money and stress. The convenience and peace of mind are bonuses. These providers can save you money through deals you can’t see online. Also, if you encounter trouble when travelling these experts are only a phone call away.
Policies and procedures
  1. Ensure you have the right policies and procedures in place and that they’re up-to-date. This could protect your business. If you’ve not done this, you could lose heaps of money, including by missing out on major tenders.
Insurance
  1. Ensure your insurances are current. If not, your business isn’t protected. This can cost you thousands, if not tens of thousands, if something goes wrong.
  2. Audit your insurance policies and check they suit your needs.
  3. Don’t automatically roll over since premiums and markets change. Without a review you could be paying too much. 
Stationery
  1. Conduct a quick audit of stationery. This can produce immediate efficiencies and savings. Declutter, including desks, drawers and cupboards before placing your next large stationery order. You’ll be surprised at how many pens, highlighters and realms of paper you already have.
Shredding
  1. Assess how much time you spend shredding paper. Consider ordering a large but relatively inexpensive confidential secure bin. This will save money and free your staff to concentrate on important business requirements.

Results

These tips are just some ways you can save money. As efficiency experts we have helped many businesses achieve impressive results, including:

  • 70% savings in booking fees after overhauling travel
  • approximately 75% savings in fees and reduced staff downtime after overhauling IT services
  • $80,000 savings a year by recommending that one contract be cancelled, after identifying how the service could be provided better
  • approximately 25% in savings across one business after reviewing supplier contracts
  • 20% savings on general office expenses after reviewing suppliers and implementing major changes.

Tips

  1. Time is money so use it wisely.
  2. Small savings can amount to significant savings.
  3. Knowing how you’re spending your money gives peace of mind.
  4. Checking contract terms before signing can lead to major savings.
  5. Committing to long-term deals can be highly cost effective.

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