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SMEs taking a haphazard approach to reviewing their suppliers
The study asked 1,000 business decision makers to estimate how much they could save through shopping around for better deals.
Of the small businesses that responded, 28 per cent thought they could save between £5,000 and £20,000, while 15 per cent thought they could save up to £50,000. Based on these average estimates, each SME could save £19,663 each year, which when multiplied across the UK’s 5.4 million SMEs adds up to £106 billion.
Richard Hurwitz, CEO at Tungsten Network, commented: “If British SMEs could realise even a small percentage of the estimated savings identified in the report, profitability would soar and working capital as well as cash flow would be significantly improved, allowing businesses to be more agile and flexible. With a clear procurement strategy, the potential savings are considerable and this research just highlights the value of having good market intelligence.
“Smarter procurement would enable the UK’s SMEs to invest more capital back into their business, so they are prepared for whatever opportunities or risks may come their way. In an age where finance can be hard to come by, bringing efficiencies to the procure-to-pay work stream can be a value enhancing initiative. As SMEs make up 99.9% of all private sector businesses in the UK, the impact on the economy would be considerable.”
The study also looked at the views of decision makers on the importance of procurement. Interestingly, those from small businesses believe it plays a more prominent role than sales or marketing.
Asked how frequently businesses reviewed their list of suppliers, a key measure of the importance of following best practice in terms of procurement, respondents from SMEs revealed a jumbled approach. The majority of businesses - 42 per cent - said they review the supplier base annually but only 29 per cent do so two or three times a year. Meanwhile, 19 per cent say they have a review on an ad hoc basis or when they are dissatisfied.
Hurwitz added: “In order to avoid paying more than they should, buyers need to develop stronger relationships with their suppliers to encourage honesty and transparency. This can have a huge impact on the bottom line.
“The savvy buyer knows that many different factors come into play when choosing a supplier. Price has a strong influence, but quality, whole life cost, security, ethics, values and reputation of a business also hold sway. Besides, with the amount of data now available at businesses’ fingertips and valuable tools like spend analytics, buyers are able to analyse where and how they are paying their invoices, often uncovering significant opportunities to streamline their invoicing system.”
article credit Tungsten Network
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We are happy to announce MX Wholesale have reduced our Wholesale Battery Pricing.
At this time whilst so many of our wholesale competitors are increasing prices, with the uncertainty that Brexit has given the UK, we thought that we would try and give you something to look forward to.
Lower Wholesale Battery Prices = Higher Profits For You
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There are lots of events on the 2016 calendar from which business can make a substantial profit, especially when it comes to the highly anticipated Euro 2016 football tournament.
But are you too busy to figure out what your business could be doing to earn extra cash from the tournament?
We’ve got all the handy tips and guides to earning a profit from the Euro 2016 football tournament and what you should be looking out for to ensure you don’t end up spending more than you bring in. Continue reading
As a retail concept, the core idea of pound stores is to provide a second-to-none value for money service to customers. Now a regular sight on your local high street, pound lines have taken their place amongst the cafes, grocers and butchers. Discount shops rose to peak popularity during the recession where consumers were forced to tighten their budgets and look for the best possible deals on their everyday goods. Specialising primarily in household items that the average consumer would use on a daily basis, and branching out into items such as gifts and toys for children, pound line shops have been Continue reading
Here at MX Wholesale we pride ourselves on providing you with the highest quality products to stock your business, and we understand that when it comes to beauty products, you need to make sure that you’re providing your customers with only the best. Beauty products are often applied directly to the skin, so you need to make sure that you’re not compromising on quality just to get a lower wholesale cost. By carefully selecting our collection of beauty products, from makeup to skin care, body lotions to beauty accessories and even cotton wool, we’re able to confidently assure you that when you bulk buy beauty products from MX Wholesale, you’re choosing the right tools for your trade.
Whether you’re stocking your retail business with saleable products that will ensure return customers, or kitting out Continue reading
The new year is the perfect time to start a deep clean, with thousands of homes all over the country making their new year's resolutions to start the year as they mean to go on with a clean home. One of the busiest times of the year for cleaning companies, buying wholesale is one of the wisest business decisions you can make if you’re planning on taking on as many jobs as possible without delay. Preparing for the cleaning rush now can mean an immediate start to the new year deep clean. MX Wholesale has all the cleaning products you could possibly need to freshen up a home or business, leaving it sparkling for the year ahead. From cleaning liquids and cloths to an abundance of paper products and even our featured cleaning brand Astonish which provides every liquid cleaning product imaginable.