How Small Businesses Can Join Forces to Boost Local Economies

expressed opinion entrepreneur Contributors are themselves.

It’s no secret that small businesses face challenges every day. Current supply chain issues require attention at all levels, as problems arise in all shapes and sizes. Small businesses are looking for many (often any) opportunities to help them keep their lights on and doors open.

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The gap between a business thriving, surviving, and the boarding window is a fine line.

The incredible challenges of the past few years have brought rapid innovation and new technology adoption to the supply chain, which has helped small businesses procure essentials to keep operations running.

Small businesses form the fabric of local neighborhoods and keep Main Street dense and vibrant. Big business also has a role to play in developing technologies and solutions, the size of which mirrors the scale of the challenge – in this case global supply issues posing challenges at every level of the business.

When it comes to small businesses continuing to face the challenges of remote work and ongoing supply chain disruptions, there is an opportunity for small businesses to partner with other small and local businesses to help survive the economy while also supporting local communities.

Many people

The first step is to help small businesses and local businesses connect with each other. Here, new technologies and innovations help local businesses connect for mutual benefit: buying each other.

Innovations from digital procurement solutions help small businesses make a bigger impact on their local communities.Current technology can help direct purchases of products and supplies to (other) small businesses in local communities

All businesses have a unique story to tell. Ask any business owner and they’re sure to satisfy your curiosity with stories of success and hardship.

the smartest man survives

Many people are familiar with the words “smart TV” or “smartphone,” while few know that “SMART” stands for Self-Monitoring Analysis and Reporting Technology. SMART objects and processes gain consciousness where they were once considered inanimate.

Advances in technology have not only brought new efficiencies to the procurement process of small businesses, but innovations and the benefits of digital procurement solutions have also introduced various new ideas and approaches from the resulting innovations.

Using digital procurement solutions not only makes it easier for small businesses to identify cost savings, identify opportunities, and turn insights into action, but business leaders free up time to invest in organizational strategy and business growth.

Small businesses can harness the power of machine learning technology and use these solutions to find and buy commercial products from other small and local businesses. In turn, this helps their small business community and local economy.

Exclusive Pricing and Products

Digital procurement solutions streamline the buying process and help small businesses easily purchase business-related products while shifting spending to support other small and local businesses.

Businesses can shop from thousands of sellers, buy products in bulk, and receive quantity discounts on supplies, starting with the purchase of two or more of the same product.

The procurement platform is responsible for finding, retaining and nurturing suppliers. Businesses can then develop purchasing policies based on criteria that align with company values ​​and goals, prioritize sellers, and select suppliers with diversity, local businesses, and certifications for more sustainable products.

Simplify and organize purchasing

Organizational purchasing goals can be proactively measured by tracking purchases from certified local businesses, and can also be filtered by certification, zip code, city and state.

Once a small business can find other small and local businesses and buy from them, the process becomes simple and repeatable. This allows small business owners to bring more organization into their purchasing, while also benefiting from an overall more streamlined purchasing process.

Small businesses can now easily separate work from personal purchasing, automate purchasing and shipping preferences, create out-of-the-box reports, and streamline the entire purchasing process.

From building to thriving:

Current sourcing innovations can help identify sourcing behavior, discover new products and sellers, and measure progress toward sourcing goals. Small businesses can continue to focus on building and growing while finding savings opportunities while helping to support other businesses in their communities.

Whether your small business is just starting out or a rapidly growing organization, digital procurement solutions can help make running your small business easier while connecting you with other small businesses. As a collective, you can keep the lights on throughout your digital and physical “main street”, which in turn benefits your own small business.

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