Personal Finance Principles Hold True for Procurement
Here are three principles for improving personal and business finances.
Save Time, Save Money and Make your Procurement Work for your Company!
Forecast with a Budget
Budgeting is the foundation of good personal finance. Without forecasting, you have no way to analyze how effective you’re spending is.
The same goes for your procurement. A good procurement system will help you manage your budget.
Pay for Needs First
As an individual or a business, you should keep your spending consistent with your budget. Refrain from splurging on non-essentials when your income or budget does not allow it.
A vital feature for a successful procurement system is access for all relevant purchasers to have access to budgets, contracts and the right supplies. Employees are better equipped to make smart purchasing choices when they can see the budget.
Track Your Spending
With a budget set in place, follow up on your goals. You can improve your spending habits as you track your spending.
You need a procurement system that puts all your purchases in one place so you can make better decisions in the future.