{"id":15802,"date":"2023-08-17T09:20:55","date_gmt":"2023-08-17T08:20:55","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=15802"},"modified":"2026-01-29T09:25:10","modified_gmt":"2026-01-29T09:25:10","slug":"what-is-procurement-and-how-can-it-impact-profits-2","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/what-is-procurement-and-how-can-it-impact-profits-2\/","title":{"rendered":"What is procurement in business? Everything you need to know"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhat is procurement in business? Everything you need to know\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2023-08-17T09:20:55+01:00\">17 August, 2023<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"What is procurement in business? Everything you need to know\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-gb\/blog\/what-is-procurement-and-how-can-it-impact-profits-2\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-gb\/blog\/author\/staceymcintosh\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2018\/11\/Stacey-McIntosh-350-1.jpg\" class=\"entry-author__image\" alt=\"\" \/>\t\t\t\t<span class=\"entry-author__name\">Stacey McIntosh<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">As your business grows, you\u2019ll need to introduce new goods and services that keep operations efficient and profit margins high. But with so many suppliers for everything from software to raw materials, knowing who to choose can get a bit overwhelming.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s why many businesses put a process in place for finding, assessing, and purchasing anything new. This is known as procurement.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this article, we cover the basics of procurement in business, so that you can start making more confident and informed decisions when bringing in goods and services.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This includes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"#what\">What is procurement?<\/a><\/strong>&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Why follow a procurement process?&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Procurement process example<\/strong>&nbsp;<\/li>\n\n\n\n<li><strong>Types of procurement<\/strong>&nbsp;<\/li>\n\n\n\n<li><strong>Final thoughts<\/strong>&nbsp;<\/li>\n<\/ul>\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Learn from the best and better your business<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">Discover how to create a sustainable, resilient business that can withstand uncertain times.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/members\/building-business-resilience\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-14115\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Visit Member Masterclass<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"600\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/02\/kelli-fairbrother.jpeg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/02\/kelli-fairbrother.jpeg 600w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what\">What is procurement ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Procurement is the structured process of taking ownership of any goods or services within your business. It usually involves a few key stages, including researching your options, negotiating the price and frequency of purchase, and arranging and taking delivery.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span data-contrast=\"auto\">Procurement versus purchasing<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">The term procurement sometimes gets mixed up with purchasing, but they are distinct (yet closely related) concepts. While procurement is a strategic long-term process, purchasing is the transactional activity that happens at the end of that process.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">It\u2019s the more specific part where you place an order with a supplier, receive the product or service, and pay for it. It involves things like <a href=\"https:\/\/www.sage.com\/en-gb\/accounting-software\/purchase-orders\/\">raising purchase orders<\/a>, receiving delivery, and handling invoices and payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why follow a procurement process?<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The main reason to put a procurement process in place is so that you can quickly and consistently find the right goods and services for your business and its supply chain.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is particularly important for those focussed on growth.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If demand for your business outpaces your capacity to fulfil it, the quality of your output and profitability of your business will take a hit. When this happens, you need to quickly bring in goods and services that protect both.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A tried and tested procurement process will achieve this.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As well as standardising and speeding up how you acquire new goods and services, procurement delivers at least 4 key benefits:&nbsp;&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Cost savings<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll consistently find goods and services at competitive prices while ensuring they still deliver the value you need.&nbsp;<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Quality control&nbsp;<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll be confident that the goods and services you\u2019re bringing in meet your quality standards.&nbsp;<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Risk management&nbsp;<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll be able to identify and select suppliers that have a good reputation and are financially stable, minimising the risk of supply-related interruption to your business.&nbsp;<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Competitive advantage&nbsp;<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">When your procurement process is efficient, you can get the goods and services you need faster and at a lower cost than competitors. This helps you respond quickly to unexpected market shifts and keeps you on the front foot.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Procurement process example<\/strong>&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, what does the ideal procurement process look like? It depends on the size of your business, how often you\u2019re likely to need new goods and services, and the level of impact your choices will have.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some businesses simply have 3-4 stages, whereas others take a more complex and strategic approach.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s an example of a typical procurement process (be sure to adjust this to your needs):&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Identify business needs&nbsp;<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">First, figure out what your business needs. This will require some internal engagements with each team or department to understand their challenges and how new goods or services could help. After this, prioritize the requirements based on their potential impact on long-term profitability.&nbsp;<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Research suppliers<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Once you know what you need, do thorough market research to find potential suppliers. Reach out to your networks for recommendations and check reputable review sites in your industry. Consider factors such as price, quality, reliability, and supplier expertise.&nbsp;&nbsp;<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Request proposals or launch tenders<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you\u2019re choosing from a select group of specialists or are open to a wider market, you\u2019ll need to invite offers from suppliers. This can come in many forms, from requesting proposals and quotes to tender bids (more on this below) and will help you understand how specific suppliers could solve your problem.&nbsp;<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Evaluate offers and negotiate<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Once the proposals, quotes, or bids are in, evaluate them against your criteria. Again, this could include price, quality, reliability, service level, etc. It\u2019s always worth trying to negotiate with the suppliers to secure the best possible deal, as they\u2019ll be fully aware that they\u2019re competing with others for your business.&nbsp;<\/p>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Contracting&nbsp;<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">After successful negotiations, it\u2019s time to formalize the agreement with the chosen supplier. Draft a detailed contract that clearly outlines expectations, deliverables, payment, and any other relevant terms and conditions. Get this checked over by a legal expert to make sure your interests are protected.&nbsp;<\/p>\n\n\n\n<ol start=\"6\" class=\"wp-block-list\">\n<li><strong>Place orders<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">With the contract in place, generate purchase orders that specify the quantity, delivery date, and other essential information to guide the supplier in providing what you need.&nbsp;<\/p>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\">\n<li><strong>Maintain the relationship<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Going forward, it\u2019s best to proactively maintain your relationship with suppliers. This includes keeping regular communication, voicing any concerns, working together to resolve issues, and treating it like a collaborative partnership.&nbsp;<\/p>\n\n\n\n<ol start=\"8\" class=\"wp-block-list\">\n<li><strong>Inspect the goods<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Whenever you receive the goods or services, make sure to inspect them for their quality and check they\u2019re meeting the standards you agreed upon. If you have any concerns, it\u2019s best to voice these early in the relationship, so you can clarify your expectations moving forwards.&nbsp;&nbsp;<\/p>\n\n\n\n<ol start=\"9\" class=\"wp-block-list\">\n<li><strong>Invoicing and payment<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Review supplier invoices against the agreed-upon terms and verify them against your purchase orders and delivery records. If everything is above board, process payments in line with the agreed terms.&nbsp;<\/p>\n\n\n\n<ol start=\"10\" class=\"wp-block-list\">\n<li><strong>Evaluate and improve<\/strong>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">As the relationship evolves, remember to continuously review the performance of suppliers. Speak to those in your business that deal with them and get feedback. If you identify areas for improvement, pass this on to the suppliers. After all, they can\u2019t fix any issues that they\u2019re unaware of.&nbsp;<\/p>\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Learn from the best and better your business<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">Discover how to create a sustainable, resilient business that can withstand uncertain times.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/members\/building-business-resilience\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-14115\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Visit Member Masterclass<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"600\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/02\/kelli-fairbrother.jpeg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/02\/kelli-fairbrother.jpeg 600w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><b><span data-contrast=\"auto\">Types of procurement proposals and tenders<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">When you\u2019re ready for suppliers to submit their offers, think about how would be best to receive them. The size of your company, how specialized the product or service is, how quickly you plan to make a decision, and how much information you need, will all determine which approach is right for you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">If you\u2019re a small company that\u2019s looking for basic office supplies, you might just need some quotes from local suppliers. But if you\u2019re a national business looking to upgrade site security across multiple offices, you\u2019ll need something more in-depth.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Here are some common types of procurement proposals and tenders:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><span data-contrast=\"auto\"><strong>Open tendering&nbsp;<\/strong><\/span><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">This is a competitive bidding process where all qualified suppliers are invited to submit their offers. It\u2019s typically used for large-scale and high-value procurements. The process is open to anyone who meets the pre-defined qualification criteria.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp; 2. <strong>Restricted tendering&nbsp;<\/strong><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">In this method, only a select number of pre-qualified suppliers are invited to submit bids. It\u2019s usually used when there is a limited number of known suppliers who can meet the requirements, or for specialized projects where expertise is crucial.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp; 3. <strong>Request for Proposal (RFP) &nbsp;<\/strong><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">An RFP is a document that outlines the buyer\u2019s requirements and invites suppliers to submit their proposals. The focus is not only on price but also on the technical aspects, quality, and other evaluation criteria. RFPs are common for complex projects or services.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp; 4. <strong>Request for Quotation (RFQ)<\/strong> &nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">An RFQ is used for goods or services of lower value. Buyers request quotes from suppliers based on specifications, and the supplier with the most favourable quote is usually awarded the contract.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp; 5. <strong>Single-source procurement<\/strong>&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">This method involves procuring goods or services from a single supplier without competitive bidding. It\u2019s often used when there\u2019s only 1 known supplier who can meet the buyer\u2019s requirements, or in cases where urgency or exclusive expertise is involved.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp; 6. <strong>Framework agreements&nbsp;<\/strong><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">These are long-term agreements with suppliers for the procurement of goods or services over a specific period. They define the terms, conditions, and prices, providing flexibility and efficiency in subsequent procurement processes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">&nbsp; &nbsp; &nbsp;7. <strong>Reverse auctions&nbsp;<\/strong><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">In a reverse auction, you publish your requirements and potential suppliers compete by submitting successively lower bids. The supplier with the lowest bid at the end of the auction is awarded the contract. This method is used to drive down prices and get the best value for money.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><b><span data-contrast=\"auto\">Final thoughts<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">By putting a solid procurement process in place, you\u2019ll be able confidently and consistently find the right suppliers for your business. This will pay off whenever your business experiences a spike in growth, as you\u2019ll be able to quickly bring in and new goods and services that maintain profitability.&nbsp;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Start by drafting a procurement process based on some of the stages in this article and try it out the next time you need to bring in something new. Remember to document and review the process itself, so that you can fine tune and improve it as your needs change.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">&nbsp;<\/span><\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-b1a63862-3fa0-4a5e-bb67-c76b88bbc6b8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/tag\/business-costs\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness costs\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/tag\/business-finances\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness finances\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/tag\/business-support\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness support\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-10470 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-bookkeeping tag-business-finances tag-mtd-business tag-need-to-know business_type-small-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-857939374_updated-1440x810.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-857939374_updated-684x384.jpg 684w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-857939374_updated-768x432.jpg 768w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-857939374_updated-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommended<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-29T15:57:22+01:00\">29 July, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">14 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/self-assessment-ending-making-tax-digital-sole-traders\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tSelf Assessment and Making Tax Digital: What MTD for Income Tax means for sole traders\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tGet the lowdown on how Making Tax Digital changes the way sole traders submit tax returns, and what that means for Self Assessment.\t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-10471 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-business-finances tag-mtd-business tag-need-to-know tag-tax business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/self-assessment-making-tax-digital-income-tax-landlords\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2021\/04\/GettyImages-996893540-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2021\/04\/GettyImages-996893540-684x384.jpg 684w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2021\/04\/GettyImages-996893540-768x512.jpg 768w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2021\/04\/GettyImages-996893540-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-29T12:17:25+01:00\">29 July, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">14 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tSelf Assessment and Making Tax Digital: What MTD for Income Tax means for landlords\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-31374 post type-post status-publish format-standard has-post-thumbnail hentry category-growth-customers category-trends-insights tag-business-costs tag-business-performance tag-career-development tag-grow-business tag-work-life-balance business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/clinic-newport-trusts-tricia-jordan-built-maldiva-aesthetics-from-dream-to-reality\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media card-post__media--video\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2026\/07\/Maldiva-Aesthetics-684x384.jpg\" class=\"card-post__image\" alt=\"Tricia Jordan of Maldiva Aesthetics\" loading=\"lazy\" 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33.144c-.952.517-1.999-.088-1.999-1.155V4.878c0-.533.261-.95.642-1.17.19-.11.411-.171.644-.172\" \/><\/svg>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t<svg role=\"presentation\" aria-hidden=\"true\" focusable=\"false\" width=\"24\" height=\"24\" class=\"card-post__meta-icon svg-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\"><path d=\"M5.25 3C3.74 3 2.5 4.24 2.5 5.75v12.5C2.5 19.76 3.74 21 5.25 21h14c1.51 0 2.75-1.24 2.75-2.75V5.75C22 4.24 20.76 3 19.25 3zm0 1.5h14c.699 0 1.25.551 1.25 1.25v12.5a1.24 1.24 0 0 1-1.25 1.25h-14A1.24 1.24 0 0 1 4 18.25V5.75c0-.699.551-1.25 1.25-1.25m.25.75a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5H6a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm13 0a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5h.5a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm-8.25 2.751A1.248 1.248 0 0 0 9 9.251v5.5c0 .442.231.849.613 1.074.389.231.846.237 1.239.021l5.001-2.751c.396-.219.646-.639.646-1.094s-.25-.876-.646-1.095l-.001-.001-5.002-2.751a1.25 1.25 0 0 0-.601-.153zM5.5 8.25a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5H6a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm13 0a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5h.5a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm-8 1.423L14.731 12 10.5 14.328zm-5 1.577a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5H6a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm13 0a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5h.5a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm-13 3a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5H6a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm13 0a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5h.5a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm-13 3a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5H6a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5zm13 0a.5.5 0 0 0-.5.5v.5a.5.5 0 0 0 .5.5h.5a.5.5 0 0 0 .5-.5v-.5a.5.5 0 0 0-.5-.5z\" \/><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-20T12:33:13+01:00\">20 July, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">4 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tThe Clinic Newport Trusts: How Tricia Jordan built Maldiva Aesthetics from dream to reality\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-30564 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations tag-business-costs tag-business-finances tag-business-performance tag-making-tax-digital-for-income-tax business_type-small-business business_type-accountants industry-construction\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/private-landlords-2026-need-to-know-changes\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2026\/06\/landlord-684x384.jpg\" class=\"card-post__image\" alt=\"A landlord outside some properties he owns\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2026\/06\/landlord-684x384.jpg 684w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2026\/06\/landlord-768x432.jpg 768w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2026\/06\/landlord-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-25T11:09:14+01:00\">25 June, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">10 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tNew legal requirements for private landlords in 2026 and beyond\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-30483 post type-post status-publish format-standard has-post-thumbnail hentry category-free-guides-templates category-people-leadership category-strategy-legal-operations category-trends-insights tag-business-performance tag-business-support tag-create-business-plan tag-grow-business tag-make-receive-payments tag-mtd-accountants tag-making-tax-digital-for-income-tax tag-payments tag-performance-management business_type-small-business business_type-accountants\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-gb\/blog\/the-hidden-hours-behind-late-payments\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/09\/GettyImages-607477465-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/09\/GettyImages-607477465-684x384.jpg 684w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/09\/GettyImages-607477465-768x513.jpg 768w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/09\/GettyImages-607477465-1214x810.jpg 1214w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t<svg role=\"presentation\" aria-hidden=\"true\" focusable=\"false\" width=\"24\" height=\"24\" class=\"card-post__meta-icon svg-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\"><path d=\"M11.988 2.989a.75.75 0 0 0-.739.761v10.689l-1.72-1.72a.75.75 0 0 0-.957-.099.75.75 0 0 0-.315.776c.031.146.104.28.211.384l3 3a.75.75 0 0 0 1.06 0l3-3a.76.76 0 0 0 .231-.533.74.74 0 0 0-.22-.538q-.108-.106-.247-.164c-.139-.058-.191-.057-.291-.056s-.198.022-.29.061-.174.097-.243.169l-1.72 1.72V3.75a.76.76 0 0 0-.22-.541.76.76 0 0 0-.542-.22zM5.75 8.5C4.24 8.5 3 9.74 3 11.25v7C3 19.76 4.24 21 5.75 21h12.5c1.51 0 2.75-1.24 2.75-2.75v-7c0-1.51-1.24-2.75-2.75-2.75h-3a.76.76 0 0 0-.537.216.74.74 0 0 0-.223.535.76.76 0 0 0 .223.535.74.74 0 0 0 .537.216h3c.699 0 1.25.551 1.25 1.25v7a1.24 1.24 0 0 1-1.25 1.25H5.75a1.24 1.24 0 0 1-1.25-1.25v-7c0-.699.551-1.25 1.25-1.25h3a.76.76 0 0 0 .537-.216.74.74 0 0 0 .223-.535.76.76 0 0 0-.223-.535.75.75 0 0 0-.537-.216z\" \/><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-19T11:24:18+01:00\">19 June, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">8 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tThe hidden hours behind late payments\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Procurement is an essential part of doing business. Here&#8217;s how good procurement can help you build profitability, avoid risks, and scale to new heights.<\/p>\n","protected":false},"author":346,"featured_media":15804,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[6],"tags":[197,135,124],"business_type":[4,3],"lilypad":[],"context":[],"industry":[],"persona":[],"imagine_tag":[],"coauthors":[353],"class_list":["post-15802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","tag-business-costs","tag-business-finances","tag-business-support","business_type-small-business","business_type-medium-sized-business"],"sage_meta":{"region":"en-gb","author_name":"Stacey McIntosh","featured_image":"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2023\/08\/GettyImages-1159610631-3.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/15802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=15802"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/15802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/15804"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=15802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/categories?post=15802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=15802"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=15802"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/lilypad?post=15802"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/context?post=15802"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=15802"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/persona?post=15802"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=15802"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/coauthors?post=15802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}