Today’s post is by Mark Davis; Sr. Vice President and COO at SafeSourcing. 

It is interesting to look at the business world in the perspective of how we function in our personal lives; seeing the differences and similarities with which activities are accomplished.  Sometimes we behave in business as we do in our personal lives and sometimes we behave totally opposite, especially when we are dealing with someone else’s money.  This week we will take a look at some different types of purchasing profiles and the defining characteristics of each.

The Bargain Hunter

Sue is what we call a thrifty coupon cutter.  She is on a fixed income since she lost her job and has had to take another which makes less income.  Since many of Sue’s expenses, especially those relating to her two children are difficult to adjust, Sue must do everything she can to cut her expenses until she can grow her income back to a level she was used to.   Sue searches through the paper for coupons, pays attention to special discounts and will even shop at multiple stores to get the items she needs at the best price available.  These efforts take time and an investment from Sue, but it is worth it in a situation for her where the money is tight.

Many businesses are not unlike Sue.  For one reason or another, their revenue stream may have taken a hit due to losing a major customer, having a major expense that has depleted capital or from rising supplier costs.  In these situations companies must review their expenses and determine, as Sue did, where they can cut costs until they can return the company’s revenue to previous levels.

Cut the luxuries – The first step to take in cases like this is to review those areas of expense that aren’t necessary.  In Sue’s case, the cable TV package and restaurant meals were the first to go because they were luxuries and not necessary for her family to survive the reduced income situation.  Many companies often follow this same strategy and will cut those “luxury” expenses that their company can live without.

Look for discounts – The second step is to begin looking for discounts on the services and products that you cannot live without.  In Sue’s case she found e-coupon sites, clipped coupons and registered for discount programs from the places she shopped most.  Many businesses will do the same thing, looking for suppliers who are offering deals on new business.  The important thing here is that changing suppliers or products introduces unknown variables in the equation that should be examined before deciding on full switches.  Trying or testing out a product or supplier first will be a very important part of this process.

Discover new sources – There may also be times when it makes sense to split your spend among more than one supplier so that you can get the best deals on the items you need when you need them.  This does create more effort to manage multiple vendors, but like it did for Sue, the investment of time may be worth the savings received when multiple suppliers constantly compete for the business with no one vendor being guaranteed they will keep all of the business by default. 

Discount shoppers must invest more time but their circumstances often require this in order to get the savings they need to run their business.  Keeping watch of the market and being familiar with multiple sources of supply is a big key to this model.  For more information on how SafeSourcing can assist your team in a revenue decline/cost cutting situation or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

Today?s post is by Mark Davis; Sr. Vice President and COO at SafeSourcing.?

It is interesting to look at the business world in the perspective of how we function in our personal lives; seeing the differences and similarities with which activities are accomplished.? Sometimes we behave in business as we do in our personal lives and sometimes we behave totally opposite, especially when we are dealing with someone else?s money.? This week we will take a look at some different types of purchasing profiles and the defining characteristics of each.

The Bargain Hunter

Sue is what we call a thrifty coupon cutter.? She is on a fixed income since she lost her job and has had to take another which makes less income.? Since many of Sue?s expenses, especially those relating to her two children are difficult to adjust, Sue must do everything she can to cut her expenses until she can grow her income back to a level she was used to.?? Sue searches through the paper for coupons, pays attention to special discounts and will even shop at multiple stores to get the items she needs at the best price available.? These efforts take time and an investment from Sue, but it is worth it in a situation for her where the money is tight.

Many businesses are not unlike Sue.? For one reason or another, their revenue stream may have taken a hit due to losing a major customer, having a major expense that has depleted capital or from rising supplier costs.? In these situations companies must review their expenses and determine, as Sue did, where they can cut costs until they can return the company?s revenue to previous levels.

Cut the luxuries ? The first step to take in cases like this is to review those areas of expense that aren?t necessary.? In Sue?s case, the cable TV package and restaurant meals were the first to go because they were luxuries and not necessary for her family to survive the reduced income situation.? Many companies often follow this same strategy and will cut those ?luxury? expenses that their company can live without.

Look for discounts ? The second step is to begin looking for discounts on the services and products that you cannot live without.? In Sue?s case she found e-coupon sites, clipped coupons and registered for discount programs from the places she shopped most.? Many businesses will do the same thing, looking for suppliers who are offering deals on new business.? The important thing here is that changing suppliers or products introduces unknown variables in the equation that should be examined before deciding on full switches.? Trying or testing out a product or supplier first will be a very important part of this process.

Discover new sources ? There may also be times when it makes sense to split your spend among more than one supplier so that you can get the best deals on the items you need when you need them.? This does create more effort to manage multiple vendors, but like it did for Sue, the investment of time may be worth the savings received when multiple suppliers constantly compete for the business with no one vendor being guaranteed they will keep all of the business by default.?

Discount shoppers must invest more time but their circumstances often require this in order to get the savings they need to run their business.? Keeping watch of the market and being familiar with multiple sources of supply is a big key to this model.? For more information on how SafeSourcing can assist your team in a revenue decline/cost cutting situation or on our ?Risk Free? trial program, please contact a SafeSourcing Customer Service Representative.? We have an entire customer services team waiting to assist you today.

We look forward to your comments.

Today’s post is by Dennis Nicoletti: Manager at SafeSourcing.

It wasn’t until I began working at SafeSourcing that I realized the absolute value and benefits of having a professional do the sourcing (aka) the “heavy lifting”, no matter what or size of the project.  I recently moved into a pre-owned home that needed some home improvements some of which I could do myself. Other projects required professionals.   My wife and I prioritized the projects and developed a cursory budget and that’s was the easy part. 

Contractor/supplier research – not only did I have to call friends, family and neighbors but I also spent an inordinate amount of time (evenings and weekends) calling, qualifying, getting estimates over the phone and in my home.  BTW – the in-home estimates were painful and exhausting after a work day.

Bid comparisons– Once all the above was completed (or should I say all I could handle) I compared best bids, services and warranties, then began the elimination period of the process. That was time consuming as well (more evenings and weekend shot).  By now I was thinking; “do I really need to do this project”?

Summary – Once I had decided on the best overall bid, I still did more leg work to be sure I understood all aspects of what was going to be provided by the contractor/supplier as well as doing my best to minimize my costs.  Again, more time and energy.

Result – In the end I got what I wanted and was happy with the cost.  However, the one thing I could never get back was my evening and weekend time usually spent with family.  That’s when it hit me…what we do at SafeSourcing keeps our customers focused on their day to day business while we do all the heavy lifting, utilizing our vast supplier data base, expertise and professional project teams that will save you money…EVERY TIME.

For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

As always, we look forward to your comments.

Today?s post is by Dennis Nicoletti: Manager at SafeSourcing.

It wasn?t until I began working at SafeSourcing that I realized the absolute value and benefits of having a professional do the sourcing (aka) the ?heavy lifting?, no matter what or size of the project.? I recently moved into a pre-owned home that needed some home improvements some of which I could do myself. Other projects required professionals.?? My wife and I prioritized the projects and developed a cursory budget and that?s was the easy part.?

Contractor/supplier research – not only did I have to call friends, family and neighbors but I also spent an inordinate amount of time (evenings and weekends) calling, qualifying, getting estimates over the phone and in my home.? BTW – the in-home estimates were painful and exhausting after a work day.

Bid comparisons– Once all the above was completed (or should I say all I could handle) I compared best bids, services and warranties, then began the elimination period of the process. That was time consuming as well (more evenings and weekend shot).? By now I was thinking; ?do I really need to do this project??

Summary – Once I had decided on the best overall bid, I still did more leg work to be sure I understood all aspects of what was going to be provided by the contractor/supplier as well as doing my best to minimize my costs.? Again, more time and energy.

Result ? In the end I got what I wanted and was happy with the cost.? However, the one thing I could never get back was my evening and weekend time usually spent with family.? That?s when it hit me?what we do at SafeSourcing keeps our customers focused on their day to day business while we do all the heavy lifting, utilizing our vast supplier data base, expertise and professional project teams that will save you money…EVERY TIME.

For more information on how we can help you with your procurement needs or on our ?Risk Free? trial program, please contact a SafeSourcing Customer Service Representative.? We have an entire customer services team waiting to assist you today.

As always, we look forward to your comments.

Today’s post is from Shelly Hayre an Account Manager at Safesourcing

These cold temperatures across the nation had me rushing at all hours to prepare for the cold. I, along with many others, hit the grocery store, filled up my gas tank, and gathered all the necessary supplies to be able to still operate my vehicle and keep my dog warm (yes I bought him a silly sweater). In doing so, I never looked and compared pricing, and with my late preparation, the grocery store was out of water.

We have not had these cold temperatures in twenty years and I was not prepared! I am usually always prepared for most emergencies, but this was rare. Wait.. aren’t all emergencies, at least most of them, rare? How prepared is your company for a ‘rare’ emergency?

• IT Disaster Recovery– How are your documents being protected from damage at your company?
• Generators– Production and work cannot be stopped in most cases. If you lost power tomorrow, would your company be prepared for a power outage?
• Contingent Labor– What about the workers? Is your company prepared for a strike?
• Disaster Recovery– Time is of the essence with disasters, such as fire, water damage, and no heating. How will you call to clean up the disaster or make sure your assets are protected?
• Emergency Guards– If one of your company’s locations was damaged or broken into, who will management call to monitor the location afterhours or monitor sub-contractors, and are you getting the best price?

There are many other services and products your company will need to be prepared for in case of an emergency. SafeSourcing has the experience and a wide range of suppliers who can provide all the emergency services/products above and more. Call SafeSourcing today to get prepared for whatever emergency may strike.

We enjoy bringing this blog to you every week and hope you find value in it.   For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.