{"id":16240,"date":"2024-08-07T06:32:52","date_gmt":"2024-08-07T10:32:52","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=16240"},"modified":"2024-08-21T15:06:02","modified_gmt":"2024-08-21T19:06:02","slug":"what-is-procurement-and-how-can-it-impact-profits","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/what-is-procurement-and-how-can-it-impact-profits\/","title":{"rendered":"What is procurement, and how can it impact profits?"},"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-us\/blog\/category\/strategy-legal-operations\/\" class=\"entry-header__link\">Strategy, Legal &amp; Operations<\/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, and how can it impact profits?\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 \"><time class=\"entry-date published\" datetime=\"2024-08-07T06:32:52-04:00\">August 7, 2024<\/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, and how can it impact profits?\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-procurement-and-how-can-it-impact-profits\/\"\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<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-us\/blog\/author\/asavinwattanajantra\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2026\/03\/Asavin-350x350.jpg\" class=\"entry-author__image\" alt=\"Asavin\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2026\/03\/Asavin-350x350.jpg 350w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2026\/03\/Asavin-768x768.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2026\/03\/Asavin-810x810.jpg 810w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2026\/03\/Asavin.jpg 1000w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Asavin Wattanajantra<\/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>Procurement is a critical function in most small and medium-sized businesses. It can have a huge impact on your bottom line; it can even be what makes or breaks your company.&nbsp;<\/p>\n\n\n\n<p>In a nutshell, procurement involves purchasing or acquiring the goods or services your company needs to operate. <\/p>\n\n\n\n<p>The way your company does this can directly impact profitability by helping get these supplies from reliable companies at the best price and quality.&nbsp;<\/p>\n\n\n\n<p>But this function has faced severe disruptions over the last 4 years in many companies, with global events wreaking havoc on supply chains. <\/p>\n\n\n\n<p>It\u2019s around 5 years since the start of the pandemic, and in a cost-of-living crisis, many supplies are still facing scarcity or greater expense.&nbsp;<\/p>\n\n\n\n<p>As a small company, you can either pass on price hikes to customers, find savings elsewhere in the business, or take a hit to profits. <\/p>\n\n\n\n<p>If you can\u2019t pass prices on, for example, if you are working on a fixed-priced contract, this heaps pressure on your procurement team to limit price increases with existing suppliers, find cheaper suppliers elsewhere, or even source alternative products that do the same job.&nbsp;<\/p>\n\n\n\n<p>\u201cCompanies who had to wait weeks or months to get materials have lost revenue because, without the materials, they were unable to produce,\u201d says Amy LaSala, valuations manager at Vision Point Capital. \u201cIn such cases, it\u2019s advisable to have multiple suppliers, not just for the lowest prices. Businesses that could source materials from multiple suppliers fared better during the pandemic.\u201d&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-here-s-what-we-ll-cover\">Here\u2019s what we\u2019ll cover<\/h4>\n\n\n<?xml encoding=\"utf-8\" ?><div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><ul><li><a href=\"#h-what-is-procurement\" data-level=\"2\">What is procurement?<\/a><\/li><li><a href=\"#h-types-of-procurement\" data-level=\"2\">Types of procurement<\/a><\/li><li><a href=\"#h-how-a-procurement-works\" data-level=\"2\">How a procurement works<\/a><\/li><li><a href=\"#h-what-is-the-difference-between-procurement-purchasing-and-supply-chain\" data-level=\"2\">What is the difference between procurement, purchasing, and supply chain?<\/a><\/li><li><a href=\"#h-technology-and-procurement\" data-level=\"2\">Technology and procurement<\/a><\/li><li><a href=\"#h-accounting-and-procurement\" data-level=\"2\">Accounting and procurement<\/a><\/li><li><a href=\"#h-using-procurement-to-boost-profitability\" data-level=\"2\">Using procurement to boost profitability<\/a><\/li><li><a href=\"#h-final-thoughts-how-processes-and-technology-can-help\" data-level=\"2\">Final thoughts: How processes and technology can help<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-procurement\"><strong>What is procurement?<\/strong><\/h2>\n\n\n\n<p>The simplest <a href=\"https:\/\/www.sage.com\/en-us\/blog\/glossary\/what-is-procurement\/\" target=\"_blank\" rel=\"noreferrer noopener\">definition of procurement<\/a> is \u201cthe process of obtaining or taking ownership of a good or service.\u201d&nbsp;<\/p>\n\n\n\n<p>This can cover every activity involved in obtaining goods and services your company needs to support operations, including:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>sourcing&nbsp;<\/li>\n\n\n\n<li>negotiating prices and terms&nbsp;<\/li>\n\n\n\n<li>purchasing items&nbsp;<\/li>\n\n\n\n<li>arranging and taking delivery&nbsp;<\/li>\n\n\n\n<li>inspecting goods&nbsp;<\/li>\n\n\n\n<li>record-keeping&nbsp;<\/li>\n\n\n\n<li>quality assurance checks&nbsp;<\/li>\n\n\n\n<li>performance analysis&nbsp;<\/li>\n\n\n\n<li>market reviews&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Some companies see procurement as covering all these stages. Others define it as a narrower range of activities, such as issuing purchase orders and making payments.&nbsp;<\/p>\n\n\n\n<p>If you use&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/erp\/\" target=\"_blank\" rel=\"noreferrer noopener\">enterprise resource planning<\/a>&nbsp;software, the definition typically includes the entire process of acquiring goods at the best price, and at the right quantity, quality, and delivery cost.<\/p>\n\n\n\n<p>The process often involves building relationships with suppliers to ensure supply security and obtain better long-term prices and terms.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-procurement\"><strong>Types of procurement<\/strong><\/h2>\n\n\n\n<p>Procurement activities are generally categorized as direct or indirect and can be split into 4 types of procurement:&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-direct-procurement\">Direct procurement<\/h4>\n\n\n\n<p>Direct procurement includes all goods and services used to produce a product, such as raw materials, machinery, labor, and components. This can also include wholesale items for retailers.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-indirect-procurement\">Indirect procurement<\/h4>\n\n\n\n<p>Indirect procurement involves goods and services that meet your operational needs but do not contribute directly to profits. This could include office equipment, furniture, and marketing supplies such as advertising.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-goods-procurement\">Goods procurement<\/h4>\n\n\n\n<p>Goods procurement obtains physical items.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-services-procurement\">Services procurement<\/h4>\n\n\n\n<p>Services procurement obtains people-based services such as hiring contractors, contingent labor, accounting firms, or security services.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-a-procurement-works\"><strong>How a procurement works<\/strong><\/h2>\n\n\n\n<p>The procurement process generally divides into 4 stages\u2014sourcing, purchasing, receiving, and reviewing.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-1-sourcing\">1. <strong>Sourcing<\/strong><\/h4>\n\n\n\n<p>This includes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>identifying your business needs&nbsp;<\/li>\n\n\n\n<li>finding potential suppliers<\/li>\n\n\n\n<li>requesting quotes&nbsp;assessing suppliers on factors such as cost, reputation, speed, quality, capacity,<\/li>\n\n\n\n<li>reliability&nbsp;evaluating environmental, social and governance (ESG) criteria<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2-purchasing\">2. <strong>Purchasing<\/strong><\/h4>\n\n\n\n<p>This includes negotiating prices, volumes, terms, and contracts with the supplier; and completing the purchase order.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-3-receiving\">3. <strong>Receiving<\/strong><\/h4>\n\n\n\n<p>It involves things like raising purchase orders via <a href=\"https:\/\/www.sage.com\/en-us\/accounting-software\/purchase-orders\/\">po software<\/a>, receiving delivery, and handling invoices and payments.<\/p>\n\n\n\n<p>Automated&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/accounting\/features\/accounts-payable\/\" target=\"_blank\" rel=\"noreferrer noopener\">accounting software<\/a>&nbsp;is critical for efficient execution of these tasks otherwise you\u2019ll get caught in the paper-trail trap.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-4-reviewing\">4. <strong>Reviewing<\/strong><\/h4>\n\n\n\n<p>This includes checking the market to ensure you still have the best suppliers for your needs, monitoring performance management and quality assurance, and keeping a record of the entire process for bookkeeping, tax records, and auditing. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/sage-x3\/\" target=\"_blank\" rel=\"noreferrer noopener\">Accounting software<\/a> is also essential for maintaining records safely and efficiently, otherwise you run the risk of losing paper invoices, receipts, and other important documents in siloed storage.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Meeting ESG criteria is also an increasingly important part of procurement. <\/p>\n\n\n\n<p>Doing this mitigates risks in your supply chain\u2013including operational, reputational, and regulatory risks. It also helps ensure the long-term sustainability of your products and services.&nbsp;<\/p>\n\n\n\n<p>Levon Galstyan, accounting consultant at Oak View Law Group, says: \u201cBad procurement practices can be fatal in fields where people\u2019s lives are at stake. Think about the procurement scandals in the US military, in which shoddy electrical work led to soldiers dying. And in London, an independent review into the Grenfell Tower fire found bad procurement practices contributed to the deaths of 72 people.\u201d&nbsp; <\/p>\n\n\n\n<p>Conversely, good procurement practice can improve lives, Levon says.<\/p>\n\n\n\n<p>For example, the Scottish Government revised its procurement policy to pay 99% of invoices within 10 days and give more contracts to SMEs that do fair work. <\/p>\n\n\n\n<p>The strategy helped boost the Scottish economy and saved the taxpayer almost \u00a3160 million (USD$203 million).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-difference-between-procurement-purchasing-and-supply-chain\"><strong>What is the difference between procurement, purchasing, and supply chain?<\/strong><\/h2>\n\n\n\n<p>Levon says the terms procurement, purchasing, and supply chain are often used interchangeably. But they aren\u2019t the same.&nbsp;<\/p>\n\n\n\n<p>\u201cSupply chains are networks of companies working to produce and deliver products to the consumer,\u201d he says. \u201cFor physical products, the link starts with the raw material producers and concludes with the entity that brings the finished product to the end consumer.\u201d&nbsp;<\/p>\n\n\n\n<p>Procurement activities such as sourcing goods are a critical subset of&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/supply-chain-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">supply chain management<\/a>. But the latter also includes wider logistical activities such as warehouse management, transport, and distribution.&nbsp;<\/p>\n\n\n\n<p>Purchasing is a subset of procurement. It is much narrower and simply focuses on managing the orders.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-technology-and-procurement\"><strong>Technology and procurement<\/strong><\/h2>\n\n\n\n<p>New advances in technology with Machine Learning (ML) and Artificial Intelligence (AI) has meant that procurement officers now have an opportunity to connect large amounts of data with predictive technology, that drives large gains in operational efficiency.<\/p>\n\n\n\n<p>A <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/consulting\/us-2023-global-chief-procurement-officer-survey.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Deloitte survey<\/a> suggests that CPOs are seeking to invest in high value technology like robotic processing, data analytics, and visualization.<\/p>\n\n\n\n<p>Technology can help to ensure risk is minimized. <\/p>\n\n\n\n<p>For example, supply chain management software can help you manage the end-to-end purchasing process seamlessly\u2014from management of requests for quotes (RFQs), to input and replies, and integration into the price list base.&nbsp;<\/p>\n\n\n\n<p>It can also provide forecasts that let you understand the issues that might affect your supply chain, keeping you one step ahead.<\/p>\n\n\n\n<p>So, from process improvements and supply chain efficiencies, to enhanced data visualization and forecasting, AI and ML are changing the speed at which the procurement process is optimized, data is analyzed, and decisions are made.<\/p>\n\n\n\n<p>Being able to make decisions quickly helps to make your business more agile in the face of global issues affecting your supply chain, changes in the markets, or updates to legislation and compliance requirements.<\/p>\n\n\n\n<p>It is important to <a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/sage-x3\/\" target=\"_blank\" rel=\"noreferrer noopener\">find the right software<\/a> that can help manage the whole ecosystem, from supply chain to financial reporting, effectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-accounting-and-procurement\"><strong>Accounting and procurement<\/strong><\/h2>\n\n\n\n<p>In a siloed organization, procurement and finance functions can conflict if one wants to spend money and the other wants to save it. <\/p>\n\n\n\n<p>But an efficient procurement function should understand how to get the best out of spending budgets to help maximize profits. <\/p>\n\n\n\n<p>So, if procurement and finance work in close collaboration, this can reap benefits for your bottom line.&nbsp;<\/p>\n\n\n\n<p>Integrated&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/sage-x3\/product-capabilities\/supply-chain-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">supply chain management software<\/a>&nbsp;connects information from across the business\u2013such as sales, inventory, purchasing, and finance\u2013to help these teams and others work together on improving business goals.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-using-procurement-to-boost-profitability\"><strong>Using procurement to boost profitability<\/strong><\/h2>\n\n\n\n<p>Too often, short-sighted small businesses cut corners in procurement to save money. <\/p>\n\n\n\n<p>These companies ignore essential factors such as innovation, risk management, resilience, and corporate citizenship.&nbsp;<\/p>\n\n\n\n<p>Getting the best value for your spend is vital in procurement. <\/p>\n\n\n\n<p>But it\u2019s also essential to find suppliers that have a track record of providing the quality of goods and services you need; and that can handle the capacity. <\/p>\n\n\n\n<p>It\u2019s also in your interests to negotiate a fair deal that ensures the supplier can continue to serve your needs sustainably.&nbsp;<\/p>\n\n\n\n<p>\u201cProfitable businesses view the procurement process as a way to grow in the long run, not as a way to make quick bucks,\u201d says Levon. \u201cThey follow the best practices for procurement, like setting clear standards, developing and following a strict process for screening and choosing suppliers, and using digital technologies.&nbsp;<\/p>\n\n\n\n<p>\u201cThese practices can help you mitigate risk; build a culture of smart spending; centralize your data to make your procurement workflow more efficient; and improve your relationships with vendors. This will help you make money now and scale your businesses to new heights of profitability.\u201d&nbsp;<\/p>\n\n\n\n<p>Having said all this, exactly how procurement helps your company boost profits depends on a range of factors; and in some situations, companies can feel cost-cutting is unavoidable.&nbsp;<\/p>\n\n\n\n<p>According to a&nbsp;<a href=\"https:\/\/www.mckinsey.com\/capabilities\/operations\/our-insights\/five-themes-can-help-procurement-shape-recovery-in-the-next-normal\" target=\"_blank\" rel=\"noreferrer noopener\">report by McKinsey<\/a>, heavy industries, such as oil and gas are currently facing huge cost challenges due to falling demand. <\/p>\n\n\n\n<p>But industries such as consumer goods are focusing more on vendor collaboration, perhaps due to the global nature of their supply chains.&nbsp;<\/p>\n\n\n\n<p>Meanwhile, financial services are looking to transform their procurement functions\u2014not due to cost pressure, but to accelerate adoption of digital and spend-analytics to unlock new opportunities.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-thoughts-how-processes-and-technology-can-help\"><strong>Final thoughts: How processes and technology can help<\/strong><\/h2>\n\n\n\n<p>A well-designed procurement process helps you promote accuracy and timeliness because each person involved knows exactly what they have to do and when. A disorganized process can lead to inefficiencies and costly errors. <\/p>\n\n\n\n<p>Take overpayments, for instance. They can impact your profits, and late payments can damage supplier relationships.&nbsp;<\/p>\n\n\n\n<p>Choosing the right technology, including a powerful&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/erp\/\" target=\"_blank\" rel=\"noreferrer noopener\">ERP system<\/a>,&nbsp;can help you control procurement, business purchases and cash flow.<\/p>\n\n\n\n<p>It also helps you integrate this with inventory, sales, customer services, finance and more to help you build profitability and take your business to new levels.&nbsp;<\/p>\n\n\n\n<p><em>Editor&#8217;s note: This article was originally published in March 2023 and has been updated for relevance.<\/em><\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\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 our 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>Get our latest business advice delivered directly to your inbox.<\/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-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\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<\/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-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\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":356,"featured_media":16241,"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,"footnotes":""},"categories":[44],"tags":[],"business_type":[41],"lilypad":[],"context":[],"industry":[],"persona":[],"imagine_tag":[],"coauthors":[586],"class_list":["post-16240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy-legal-operations","business_type-growing-business"],"sage_meta":{"region":"en-us","author_name":"Asavin Wattanajantra","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/03\/GettyImages-1327494174.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/16240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=16240"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/16240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/16241"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=16240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=16240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=16240"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=16240"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=16240"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=16240"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=16240"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=16240"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=16240"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=16240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}