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Startups and small businesses often rely on operations and lab managers for a variety of roles including managing inventory, ordering of equipment and consumables, and maintaining records. It doesn’t take long for these roles to lead their focus away from other priorities such as staffing, financing, and the direction of the company.
Even with the latest technology, strong supplier partnerships, and established procurement processes, startups and small businesses fall short of optimal purchasing savings. Smaller sized companies have less purchasing power because of their low volume orders.
The solution? Outsourced procurement. By partnering with a professional procurement company, startups, and small businesses dramatically increase their purchasing power and optimize savings.
Outsourcing procurement allows business owners and managers to focus on what they should be doing, while procurement specialists take over the tasks of inventory management, chasing approvals, and submitting and tracking orders. As a result, procurement is approached strategically by professionals who are able to negotiate savings for you and your company.
Some of the benefits that can be gained by working with a professional procurement company include:
- 1. Professional staff: highly skilled staff specializing in purchasing, resulting in improved communication between purchasing experts and staff.
- 2. Economies of scale: transaction cost per purchase is lowered due to existing relationships with vendors.
- 3. Market leverage: negotiation by an expert is often more effective and profitable, and results in larger discounts.
- 4. Purchasing analysis: e-procurement technology allows for scalability, spend visibility, and liability reporting to keep you on budget.
Small and medium-sized companies typically spend between 45% and 65% of their sales revenue on procurement of raw materials or services. Reducing procurement costs by just 1-5% can result in considerable savings. Outsourced procurement is a practical and reliable solution for startups and small businesses as they experience growth spurts and work towards strategic sourcing. Want to learn more about how BioProcure can help your company capture more savings? Click here to schedule a meeting with one of our procurement specialists today!