As a business leader, you've too much to think about, it's a safe bet to say that procurement is at the top of your priority list.
How else can you source the products your company needs?
How can you know if you are choosing the right supplier? How can you find the balance between price, quality, and delivery times?
And let's not forget about those early-ish days when you are still developing your first product.
So yes procurement is important and yes many questions must be answered before making a decision.
This is why we keep having conversations with procurement professionals who can confidently say: Been there, done that.
Introduction
Gabe Dominocielo is the co-founder of Umbra, a company that focuses on space technology.
The differences between small and large companies
It's a common question, what makes procurement different for companies that are only starting and for those more established businesses?
For any industry and even more for aerospace systems, the differences begin with the weight you've in the market.
The more relevant you become, the simpler it is to secure good deals with high-quality suppliers.
Happy people, happy processes.
This might be often overlooked but as Gabe reminds us, building a great team is one of the things that can make or break your company's success.
Ideally, you'll want to rely on people who share your vision, people who are so passionate about growing along with your company that you don't need to worry about micromanaging each of their steps.
Communication is key
You could be working with a handful of suppliers or dozens of them, there's something that you'll always have to bear in mind, communication is how you build relationships.
From the very beginning, share your requirements and goals with your suppliers. Be honest about your expectations and pave the way for constant collaboration. This is how you ensure long-term trust and top-of-the-notch service.
Be flexible
It's more than okay to make mistakes, says Gabe, and if you are only starting in the market, odds are that you'll be making more than one.
That's normal and part of the learning curve.
However, when something goes wrong repeatedly, it might be a signal that it's time to change your approach.
