Are your business resolutions being met? Back at the beginning of the year we asked about business resolutions you would be making for the upcoming year – it’s time for a mid-year check up!
Here are some of the things we heard were important to you and your organizations;
Review & Analyze – Perform a complete review of MRO (Maintenance, Repair, Operations) spend for the prior year. Evaluate each property’s expenses and number of vendors used.
Consolidate & Standardize – A reduction in the number of suppliers, and different product brands/styles = standardization. This results in a reduction of invoice processing, inefficient inventory, and time. Time = Money
Negotiate Pricing & Value Added Services – Review your current vendor pricing and discounts. Does that vendor offer value added services (free shipping, rebates, training & reliable customer service)? Schedule meetings with your preferred vendors to review your current purchasing programs.
Implement Your Revised Purchasing Program – Rollout your new purchasing program and procedures to each property. Include initial training to property personnel, scheduled quarterly updates, and performance reports.
Be Realistic & Honest - Do you and/or anyone in your organization have the time to review, develop and implement these necessary steps? Consider the real value of a reputable GPO (Group Purchasing Organization) like Buyers Access. Our average member realizes a NOI of over $50 per unit per year.
How are you doing so far? Have you been able to translate the activities above to better control of your budgets? There is still time! We’re ready to help you get those resolutions on track. Our team of experts can guide you through the process, and give you the support you need to follow through on all of your Business Resolutions!