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By Sandy Chockla, Franchise Owner, Expense Reduction Analysts
This step may be the hardest for individual organizations because of resource and time constraints: understanding the market. It is important to understand the market trends, what drives the cost in the product or service you want to purchase, and what new technology is available. You also need to understand the terminology that is common in that industry. If you do not have the expertise within your staff, a good resource is the industry profiles which are available at many public libraries in their online resources for Business and Finance. You also should research what discounts are available if you were to join an Association or possibly Group Purchasing Organization (GPO). For example, if you are a member of a Chamber of Commerce, there may be discounts available to the members for some of the local merchants.
This knowledge and insight is Expense Reduction Analysts’ most valuable asset. Because our experts are conducting negotiations for many clients throughout any given year, we have real time price benchmarks and knowledge of the latest processes and options available. We can also guide you on which suppliers or what alternative products or processes to consider.
Sandy Chockla is a franchise owner and Principal Consultant for Expense Reduction Analysts (ERA). ERA has a network of experts in more than 40 overhead expense categories which I leverage to benchmark prices, review supplier agreements, and optimize our client’s purchases or services. This is done without compromising supplier quality or service. If you would like to have a discussion, you can contact Sandy at firstname.lastname@example.org or call direct at 970-232-4860 .