Public Sector: Maximising your budget

As the anticipated spring budget looms, many councils are expecting public sector cuts to take a toll on their spending. As such we’ve put together a few ways that you can look to make the most of your public sector budget going forward and maximise its value.

One method of maximising your public sector budget is by combining volumes; this involves aggregating demand for goods and services to purchase them in larger quantities. The advantage of combining volumes is that it can lead to significant cost savings as suppliers often offer better prices for bulk orders, reducing the overall cost per unit.

Additionally, assessing operating costs and expenses associated with goods and services can help businesses identify opportunities to save costs. By auditing these expenses and evaluating suppliers, you can identify better options that can help you save costs.

Another approach to maximising your public sector budget is by managing tail-end spend. In many cases, businesses use multiple suppliers to purchase the same service, by consolidating orders, you can save costs by pooling resources and purchasing in larger quantities. This can lead to better prices, more favourable terms, and improved delivery times. It's worth noting that indirect spend typically accounts for only 20% of business expenditure, however, it can represent up to 80% of the supply chain. These costs can be challenging to track, and it takes a comprehensive strategy to allocate resources and manage them effectively.

For more tips on how to make a penny stretch to a pound, check out our blog on 4 things to consider when making public sector savings here.

To find out more about our offering to the public sector and get in touch here.

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