You may have heard about procurement and public sector contracts and think they are not relevant for your business. However, even small businesses can find great opportunities to supply their products to bigger organisations. Read this article to expand your knowledge on the basics of business procurement and tendering and explore it further as an option for your business.
What is Procurement? Â
Procurement is the process of an organisation or company buying goods or services from an external source which can often involve tendering or competitive bidding by suppliers of these goods/services. There are two different types of procurement; private sector and public sector. Both involve similar processes but differ slightly when considering budget, regulations and the motivations for buying and spending.