{"id":2584,"date":"2008-11-26T14:34:00","date_gmt":"2008-11-26T14:34:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2008\/11\/26\/whitepaper-wednesday-recession-proofing-a-business\/"},"modified":"2023-07-21T08:25:35","modified_gmt":"2023-07-21T12:25:35","slug":"whitepaper-wednesday-recession-proofing-a-business","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/","title":{"rendered":"Whitepaper Wednesday – Recession-Proofing A Business"},"content":{"rendered":"

Welcome to another installment of Whitepaper Wednesday here on the Purchasing Certification Blog. In today\u2019s installment, I\u2019ll be reviewing a whitepaper entitled \u201c10 Secret Strategies To Recession-Proof Your Business\u201d from Coupa.<\/p>\n

Don\u2019t miss updates on Procurement & Supply Chain, Subscribe here!<\/p>\n

While this whitepaper is geared towards company executives, there are some good nuggets for procurement professionals, though not all strategies will be within your control. However, if you can suggest using those strategies that are within your control, your management may recognize your efforts and positive results can be delivered. I\u2019ll discuss those procurement-related strategies\/secrets\u2026<\/p>\n

Secret #1. Really Monitor Non-Payroll Spending \u2013<\/strong> If you haven\u2019t been asked already in this declining economy, senior management will likely soon be approaching the procurement department asking \u201cWhere are our opportunities to save money?\u201d I hope that you have developed a good spend profile by now or at least done some type of spend analysis<\/a> so that you can be confident in answering this question. You need to know where the spend is to know how you can best impact the bottom line.<\/p>\n

Secret #4. Get Rid of the Supply Closet, or Start Managing Inventory \u2013<\/strong> The whitepaper correctly points out that \u201cAs a business grows, \u2018pockets\u2019 of excess non-essential goods begin to build\u2026Inventory costs money. There\u2019s overhead on the space that is needed to store it, and it uses up cash that could be used to pay salaries or buy other products and services.\u201d Even as a smaller organization, I see the tendency towards overbuying supplies when procurement doesn\u2019t manage inventory. Procurement needs to step up and introduce inventory management concepts like safety stock, reorder points, and optimal order quantities. I can guarantee you that end users will not do this on their own. And the organization\u2019s cash will be tied up in a 5-year supply of freakin\u2019 Post-It Notes and pallets of copy paper when it has trouble meeting payroll.<\/p>\n

Secret #7. Look for Alternatives to Capital Spending \u2013<\/strong> The whitepaper says \u201cTo state the obvious, a sharp downturn is a risky time to buy a piece of expensive capital equipment\u2026it is often more prudent to delay future growth plans and defer these larger expenditures until you are more certain of your own financial forecasts\u2026So instead of expensive CapEx items, look for affordable leases where you must.\u201d Again, your internal customers may not think of this option on their own, so it is a concept that procurement can bring to the table.<\/p>\n

So those are just three of the 10 secrets. And I think that they are all valid. The whitepaper \u2013 unlike some I\u2019ve downloaded for the Whitepaper Wednesday feature \u2013 is an easy and fun read. You can download your own copy from Purchasing Magazine\u2019s Resource Center. (Valium<\/a>) <\/p>\n

Tomorrow is the Thanksgiving holiday here in the USA, so there will be no blog tomorrow and Next Level Purchasing\u2019s offices will be closed. So, for my fellow Americans, have a happy Thanksgiving. I\u2019ll \u201cspeak\u201d to you again on Friday!<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to another installment of Whitepaper Wednesday here on the […]<\/p>\n","protected":false},"author":12,"featured_media":4036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"\nWhitepaper Wednesday - Recession-Proofing A Business - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitepaper Wednesday - Recession-Proofing A Business\" \/>\n<meta property=\"og:description\" content=\"Welcome to another installment of Whitepaper Wednesday here on the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2008-11-26T14:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T12:25:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-045.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Whitepaper Wednesday – Recession-Proofing A Business\",\"datePublished\":\"2008-11-26T14:34:00+00:00\",\"dateModified\":\"2023-07-21T12:25:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\"},\"wordCount\":511,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Procurement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-recession-proofing-a-business\/\",\"name\":\"Whitepaper Wednesday - 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