Procurement is a highly popular field, especially since no company or business, no matter how small, can operate without establishing proper supply channels. Therefore, apart from the several companies offering procurement services to third parties, one can opt for a successful career while working as a freelance buying subcontractors.
However, to ensure long-term success, you must avoid making certain mistakes. Here is a look at some steps that can hamper your professional well-being as a freelance buyer:
Calling your clients only when you need work
The biggest mistake buying freelancers make is calling up clients only when they require a job. This rarely sends across the right message to people you work with. You may come off as a phony and people may avoid taking your calls. Instead, maintain a good relationship with existing or prospective clients, even when you are not looking for projects. Call them up at regular intervals just to have a chat. Be genuinely interested to know how their day is going when you talk to them. Think of it as building a strong base on which you can construct our successful career.
Not following recent market trends
Buying subcontractors who decide to retire from full-fledged corporate life, often fail to keep themselves updated with the changing market trends. They tend to focus too much on earning money and not enough on enhancing their knowledge about procurement. The best way to avoid stagnation is to work as part of a company at the start of the career. Soak in all that you can during your time in the corporation if you are planning to retire early and begin freelancing.
Understand how a function is organized or what the main point of worry is for the CPO. Vast knowledge about the current market issues will help you serve your freelance clients better when you start working for them on a freelance basis.
Firing clients
While it is true that freelancers can choose to fire clients if they do not find their demands or pay agreeable, it is still a situation you should avoid. Once you come to an agreement and start working together, try not to cancel or backtrack that commitment. Doing so not only leads to a loss of the client but also hampers your overall reputation. At the end of the day, as a freelancer, the only thing you have is your reputation and firing clients will severely jeopardize that aspect.
Avoiding cash flow issues
Buying freelancers have to work with the risk that clients will refuse to disburse the owed payment on time. Most companies today reject advanced payment propositions and you may need to spend money from your own pockets to finance trips and other aspects of the procurement. The best way to prevent cash flow issues is to stay prepared for the same and taking steps accordingly. Try to maintain friendly relations with the accounts person of the involved company. They can often influence the timelines of your payments and help a paycheck reach you sooner.
Freelancer buyers may have trouble setting up their business at first, but avoiding these mistakes should help you achieve your financial goals soon.