Fiducia TogetherProcurement
Buying things properly. A process, not a purchase.
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.
What it means
Procurement covers specifying what is needed, finding suppliers, evaluating them, contracting and managing performance.
Why it matters
Unmanaged buying is where margin leaks: duplicate suppliers, auto-renewing contracts, and prices nobody has tested in years.
What it looks like in practice
Review the top twenty suppliers by spend annually. Most businesses find something they no longer use and something they are paying above market for.\n\nSeparate who specifies, who approves and who pays — see financial controls.
What to watch out for
Auto-renewal. Diarise renewal dates the day you sign, with a reminder before the notice window opens.
Where to get proper advice
Your own figures. No external source knows your business.
Where to read more
Last reviewed 2026-08-28 by Fiducia Together · Next review due 2027-08-28
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.