5 Best Practices to Turn Procurement into a Pillar of Financial Stability

Recently at the annual Colorado League of Charter Schools Conference, BuyQ had the opportunity to present to a group of school business leaders from across the state. Below you will find the 5 min. version 😎

The main question: How do you turn procurement into a strategic business function at your school that promotes lasting financial stability?

We offered up 5 best practices with 5 practical tips to get your school started...

➡️ Best Practice #1

💡Tactical Tip #1

Refresh your purchasing policy to align with desired outcomes (work backwards from end state) and add it to your next staff training block.

Focus on empowering staff through the policy removing ambiguity and approval bottlenecks.

➡️ Best Practice #2

💡Tactical Tip #2

On a _____ basis (quarterly/bi-annual) have your top 5 suppliers send you a breakdown of your spend analyzed for purchasing patterns. Review the data live for additional insights in your next check-in meeting.

*They will do this work for you, but not without you requesting it.

➡️ Best Practice #3

💡Tactical Tip #3

Here are 3 Questions that will change your supplier relationships:

What does excellence look like & who (other charter school) is a good example? Why?

What are the most important metrics for success if we could only track 3 things? Why?

What is your pricing model based on? Why?

➡️ Best Practice #4

💡Tactical Tip #4

Utilizing your spend reports (per tip #2), review categories with spend for the same products/services from multiple suppliers. Once identified, take the total volume to your preferred provider and ask them to competitively quote for consolidation.

*Groups like BuyQ can also do this on your behalf leveraging contract prices. Sign up today!

➡️ Best Practice #5

💡Tactical Tip #5

Break the mental model of price as the core driver for decisions and performance tracking. Get to know TCO (total cost of ownership) instead…!

Want to turn procurement into a strategic business function at your school? Let's talk!

Setup a call with our team today.