Show Transcript:
Today I’ll be talking to you about procurement readiness. Many small businesses—especially those dealing with the government— may be in a slow period right now, which is an optimal time to make sure you and your business are in a good place to move forward and adapt as needed.
Procurement readiness covers a lot of ground, and one of the critical aspects of preparation is to run a diagnostic on your business. By this, I mean checking your finances and lenders and re-evaluating all those small recurring costs, such as your memberships and subscriptions. Ask yourself if these services are essential for—and adding value to—your business.
There are plenty of other aspects to consider for readiness, such as assessing your team for productivity and efficiency and ensuring operational policies and procedures are in place. It’s a prime time to update your forecast and growth plan and look for ways to strengthen your business, such as by aligning with other small businesses for support.
Finally, I’ll cover several remaining vital aspects of procurement readiness: Strategy, efficient communication, keeping an eye on your tax filings, accountability, and investing in key areas for your business, such as equipment, technology, or training. I hope you find this show helpful, so please reach out and let me know if you have any questions.
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