Business Budget 2024 - DMT Solutions

Business Budget 2024

by BusinessFinanceNews

The Business Budget for Spring 2024 was announced by the UK government on the 6th March.

Here are the key announcements for businesses:

  • National Insurance – The main rate of Class 1 employee National Insurance Contributions (NICs) will be cut from 10% to 8%, taking effect from 6 April 2024. For the self-employed, the main rate of National Insurance will be cut to 6%
  • VAT registration threshold – The VAT registration threshold will be increased from £85,000 to £90,000, and the deregistration threshold from £83,000 to £88,000, freezing them at these levels. These changes will apply from 1 April 2024
  • Extension of the Recovery Loan Scheme (RLS) – The Recovery Loan Scheme has been renamed the Growth Guarantee Scheme and extended until the end of March 2026. The scheme offers a 70% government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland
  • VAT Retail Export Scheme – The Government is reviewing the Office for Budget Responsibility’s (OBR) findings on the impact of the removal of tax-free shopping and welcomes further submissions on this issue.
  • Consultation on extending full expensing to assets for leasing – Draft legislation on full expensing to assets for leasing will be published shortly. Full expensing will be extended to assets for leasing when fiscal conditions allow
  • Replacing Non-UK Domicile tax rules – This measure abolishes the remittance basis of taxation for non-UK domiciled individuals and replaces it with a residence-based regime. Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-tax residents for the last 10 years. This new regime will commence on 6 April 2025 and applies UK-wide
  • Film Studios Relief – Eligible film studios in England will receive a 40% reduction on gross business rates bills until 2034. The relief will be implemented as soon as possible, and bills will be backdated to 1 April 2024.
Business Budget 2024 - Cost Audit Banner - DMT Solutions
  • Expert advisory panel on R&D Tax Credits relief – HMRC will establish an expert advisory panel to support the administration of the R&D tax reliefs
  • Accelerated Planning Service – The Government is publishing a consultation on the proposed design of the new accelerated planning service as well as new measures to constrain the use of extension of time agreements and identifying local planning authorities who are using these excessively
  • Digital Planning – Building on work to digitise the planning system, a new pilot will use Artificial Intelligence to help speed up the development of local plans
  • Vaping Products Duty – A new duty on vaping products will be introduced from 1 October 2026, with registrations for the duty opening from 1 April 2026
  • Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and Galleries Exhibitions Tax Relief (MGETR) – From 1 April 2025, the rates of TTR, OTR and MGETR will be permanently set at 40% (for non-touring productions) and 45% for touring productions and all orchestra productions. The sunset clause for MGETR will be removed
  • Enhanced credit for UK independent film – A UK Independent Film Tax Credit will be introduced at 53% on qualifying film production expenditure. This enhanced Audio-Visual Expenditure Credit will be available for films with budgets under £15 million that meet the requirements of a new British Film Institute test
  • Additional tax relief for visual effects – The credit rate for visual effects costs in film and high-end TV will be increased to 39% from April 2025, and the 80% cap will be removed for qualifying expenditure for visual effects costs.
Business Budget 2024 - DMT Solutions
  • Air Passenger Duty (APD) rates – The 2025-26 APD rates for economy passengers will increase in line with forecast RPI, rounded to the nearest pound. Rates for those flying premium economy, business and first class and for private jet passengers will also increase by forecast RPI and will be further adjusted for recent high inflation to help maintain their real terms value
  • Housing in Barking and Canary Wharf – The Government is announcing investment of £124 million at Barking Riverside to unlock 7,200 homes. In addition, £118 million will be invested to accelerate delivery of the Canary Wharf scheme. This will deliver a life sciences hub, commercial and retail floor space, a healthcare diagnostic facility and up to 750 homes
  • Euston Housing Delivery Group – The Euston Housing Delivery Group will be established with £4 million to support plans to deliver up to 10,000 new homes
  • Abolition of Furnished Holiday Lettings tax regime – The Government will abolish the Furnished Holiday Lettings tax regime, taking effect from 6 April 2025
  • Capital Gains Tax: Higher rate cut for residential property – From 6 April 2024, the higher rate of Capital Gains Tax for residential property disposals will be cut from 28% to 24%
  • UK ISA – The Government Business Budget 2024 will create an additional Individual Savings Account (ISA) with a £5,000 allowance. This would be in addition to the £20,000 that can be subscribed into an ISA.
  • Artificial Intelligence (AI) Upskilling Fund Pilot – The Government is announcing a new £7.4 million AI Upskilling Fund pilot that aims to help SMEs develop the AI skills of the future
  • High-Income Child Benefit Charge (HICBC) reform – The HICBC threshold will be raised to £60,000 from April 2024. The rate at which HICBC is charged will also be halved so that Child Benefit is not fully withdrawn until individuals earn £80,000 or higher
  • PISCES – The Government Business Budget 2024 has published a consultation on a new Private Intermittent Securities and Capital Exchange System (PISCES). PISCES will be a new market that aims to support private companies to scale grow and boost the pipeline of future Initial Public Offerings (IPOs) in the UK
  • Additional pension reforms – The Government is also introducing new reporting requirements for Local Government Pension Scheme (LGPS) funds, and putting forward proposals that would require Defined Contribution (DC) default funds’ historic net investment returns.
  • Fuel duty – The main rates for fuel duties will be frozen, with the ‘temporary’ 5p cut extended until March 2025
  • Alcohol duty – Alcohol duty will be frozen from 1 August 2024 to 1 February 2025
  • Household Support Fund Extension – The Household Support Fund in England will be extended from April to September 2024

The full Government Business Budget 2024 can be found here.

Procurement Outsourcing - DMT Solutions

How Procurement Outsourcing Can Ease Financial Pressure

by BusinessFinanceProcurementSupply Chain

Procurement outsourcing is rapidly gaining traction as a strategic solution for businesses of all sizes. 

Today’s competitive business environment has changed from promotional strategies, marketing channels, and pricing methods, to how organisations adjust their strategies to compete effectively using procurement outsourcing as a strategic tool for Chief Procurement Officers (CPOs), business owners, and finance directors to alleviate pressure, optimise costs, and empower their organisations to thrive.

This blog delves into the benefits, considerations, and steps involved in leveraging procurement outsourcing to ease pressure in-house. Whether you’re feeling the strain of managing a demanding procurement process or seeking to enhance efficiency and effectiveness, this guide will equip you with the knowledge to make informed decisions for your organisation.

Is your business feeling the weight of a demanding procurement process? 

You’re not alone. Supply chain issues, one global political crisis after another, rising interest rates, global inflation, and employing the right talent and skillset meant 90% of businesses raised their prices by 10% or more last year.

Whether you’re a procurement department head, a business owner, or a finance director, the pressure to optimise costs, ensure efficiency, and manage supplier relationships can be immense. 

In 2024, procurement outsourcing is emerging as a strategic solution to alleviate these pressures and empower your organisation to thrive.

What-Is-Procurement-Outsourcing-DMT-Solutions

What is Procurement Outsourcing?

Procurement outsourcing involves partnering with a third-party provider such as DMT Solutions to manage specific aspects of your sourcing and supplier management functions.

Allowing your internal team to focus on core competencies, while the outsourced partner leverages its expertise and resources to deliver the following benefits:

  • Reduced Costs: Procurement service providers often benefit from economies of scale, allowing them to negotiate better rates of up to 75% with suppliers and potentially reduce their overall procurement spend. Additionally, you can save on overhead costs associated with hiring, training, and managing an in-house procurement team.
  • Enhanced Expertise: Access a team of seasoned procurement professionals. With more than 20 years of specialised knowledge in strategic sourcing, negotiation, and supply chain management. Our expertise can help you make informed purchasing decisions, optimise contracts, and identify cost-saving opportunities.
  • Improved Efficiency: Procurement service providers utilise best practices and cutting-edge technology to streamline the procurement process. Our services are designed to significantly reduce administrative burdens and free up your team’s time to focus on strategic initiatives.
  • Strengthened Supplier Relationships: Leverage our established supplier network and relationship management expertise to secure better deals and ensure reliable, high-quality products and services.
  • Increased Agility: As your business needs evolve, a flexible outsourcing arrangement allows you to scale your procurement resources up or down as required, ensuring you remain adaptable and responsive to market changes.
Business Budget 2024 - Cost Audit Banner - DMT Solutions

Is Procurement Outsourcing Right for You?

While procurement outsourcing offers numerous benefits, it’s crucial to assess your organisation’s specific needs and circumstances carefully. Consider the following factors:

  • The complexity of your procurement needs: If you deal with a high volume of diverse purchases, outsourcing can be particularly beneficial.
  • Size and capabilities of your in-house team: If your team lacks the expertise or resources to handle your procurement workload effectively, outsourcing can be a valuable solution.
  • Strategic goals of your organisation: If your focus is on cost savings, efficiency, or supplier management improvement, outsourcing can support these goals.

We cover 15 core business activities including:

Taking the Next Step

If you’re considering procurement outsourcing, we must conduct thorough research on your business costs. Our proven track record, industry expertise, and a clear understanding of your requirements will benchmark your current costs and tender for the best value in pricing, service levels and value for money.

By carefully evaluating your needs and exploring the potential benefits, procurement outsourcing can be a powerful tool for easing pressure, optimising costs, and driving growth within your organisation.

How our process works

Our streamlined process is designed to make life easy.

Simply provide 3 months of existing contracts or your requirements and we’ll handle the rest.

Review

A short call to review your circumstances

Alternatives

We find the best alternative suppliers for you

Impartial

Impartial recommendations and full support

Get started
Checklist for Business Profitability - DMT Solutions

Checklist for Improving Business Profitability

by BusinessFinance

Business profitability as a business leader, is in your blood.

It fuels expansion, rewards your team, and ensures your company thrives in the ever-shifting market landscape.

But what happens when profits start to stagnate?

Do you accept it as the new normal, or do you ignite a fire for sustainable, explosive growth?

This blog is your battle cry for profitability

We’ll delve into proven strategies and actionable insights designed to transform your business from good to great.

Whether you’re a seasoned finance director or a passionate entrepreneur, we’ll equip you with the tools to:

  • Identify hidden profit leaks and plug them for good.
  • Optimise your pricing strategy to maximise revenue without sacrificing value.
  • Streamline operations and unlock efficiency gains that boost your bottom line.
  • Fuel customer loyalty and repeat business through targeted strategies.
  • Embrace data-driven decisions that pave the way for sustainable growth.

Forget platitudes and generic advice.

Here, you’ll find practical, industry-specific solutions tailored to your unique business challenges.

General:

  • Review your financial statements: Understand your profit margins, costs, and revenue streams. Once you have established a baseline for your current position, you can then make plans for the future.
  • SMART: Set Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) profitability goals.
  • Key areas: Identify key areas for improvement based on your financial statements and business needs.
Cost Management - Business Profitability - DMT Solutions

Cost Management:

  • Review all expenses: Categorise and analyse all ongoing and operational costs.
  • Identify areas of potential cost reduction: Look for redundancies, inefficiencies, and unnecessary spending.
  • Negotiate better deals with suppliers: Renegotiate contracts for lower prices or better terms.
  • Explore alternative suppliers: Compare prices and offerings from different providers.
  • Implement cost-saving measures: Optimise processes, reduce waste and eliminate unnecessary overheads.

Sales and Marketing:

  • Analyse your current sales data: Identify your most profitable products, services, and customer segments.
  • Develop targeted marketing campaigns: Reach the right audience with messaging that resonates.
  • Implement sales promotion strategies: Offer discounts, promotions, and incentives to attract new customers.
  • Improve your pricing strategy: Analyse competitor pricing and customer willingness to pay.
  • Upsell and cross-sell to existing customers: Offer additional products or services that complement their purchases.
Operations and Efficiency - Business Profitability - DMT Solutions

Operations and Efficiency:

  • Streamline your business processes: Identify and eliminate bottlenecks and inefficiencies.
  • Invest in technology and automation: Automate tasks to improve efficiency and reduce errors.
  • Optimise inventory management: Minimise stockouts and overstocking to improve cash flow.
  • Train employees on best practices: Empower your team to work more efficiently and productively.
  • Measure and track key performance indicators (KPIs): Monitor progress and identify areas for further improvement.

Remember:

  • Prioritise actions: Focus on the most impactful changes first.
  • Track your progress: Monitor key metrics and adjust your strategies as needed.
  • Celebrate successes: Reward yourself and your team for achieving milestones.
  • Seek professional help: Consult with financial or business advisors if needed.

By creating a customised checklist and taking consistent action, you can improve your business profitability and achieve your financial goals.

Additional Tips:

  • Consider using project management tools such as Asana to track your progress and assign tasks.
  • Share your checklist with your team to promote engagement and accountability.
  • Review and update your checklist regularly as your business evolves.

Remember, success takes time and effort. Stay focused, and stay motivated, and you will see results.

For more information, read our article:

Increase Your Business Profitability: A Step-By-Step Guide
The Hidden Costs of Running a Business - DMT Solutions

Running a Business: The Hidden Costs

by BusinessFinance

The allure of running a business or becoming an entrepreneur is undeniable. The idea of being your boss, crafting your destiny, and reaping the rewards of your hard work are dreams many hold dear. 

But the path to success is rarely smooth and often lurks a shadowy figure: the hidden costs of running a business.

Expenses can quickly escalate, turning initial optimism into a financial predicament. For aspiring entrepreneurs, being aware of these hidden costs is crucial for navigating the exciting yet challenging waters of business ownership.

  1. The Employee Labyrinth:

Beyond salaries, payroll taxes, and benefits, the employee realm harbours hidden depths. Recruitment costs can be hefty, from advertising to agency fees. Turnover is another beast, costing up to 20% of an employee’s salary to replace them. Invest in training, development, and a positive work environment to retain your valuable talent.

  1. The Regulatory Kraken:

Permits, licenses, and compliance fees are unavoidable, but their complexities can be surprising. Research your industry’s regulations thoroughly and factor them into your budget. Consider consulting a professional to navigate the legal landscape, potentially saving you time, money, and headaches down the line.

  1. The Marketing Mirage:

Marketing your business is essential, but resist the allure of expensive campaigns without a clear strategy. Free and organic methods like social media, content marketing, and networking can be powerful tools. Start small, track results, and adjust your approach as you learn and grow.

  1. The Technology Trap:

Technology is a double-edged sword. While it can streamline processes and boost productivity, it comes with hidden costs. Subscription fees, software updates, hardware maintenance, and cybersecurity measures can add up quickly.

Choose essential tools, negotiate subscriptions, and consider open-source software alternatives where feasible.

  1. The Inventory Impasse:

For product-based businesses, inventory management can be a minefield. Overstocking leads to wasted space, capital, and potential obsolescence. Understocking risks lost sales and customer dissatisfaction. Carefully balance demand forecasting with supplier contracts and storage costs.

  1. The Insurance Illusion:

Business insurance is vital, but coverage options and pricing vary greatly. Don’t blindly accept the first quote. Shop around, compare coverages, and negotiate premiums. Consider bundling policies for potential discounts.

  1. The Professional Siren Song:

Accountants, lawyers, and other professionals can be invaluable assets, but their expertise comes at a cost. Evaluate your needs carefully before engaging them.

Consider hourly rates, project-based fees, and alternative solutions like online legal services or DIY accounting software.

Keeping Costs Under Control:

Costs of Running a Business - DMT Solutions

Remember, every penny saved is a penny earned. Here are some general tips for minimising business costs:

  • Embrace Frugality: Look for cost-effective solutions in every area, from office supplies to marketing campaigns.
  • Negotiate Relentlessly: Don’t be afraid to negotiate with vendors, suppliers, and service providers.
  • Track Everything: Monitor your expenses closely to identify areas for improvement.
  • Embrace Technology: Utilise free and open-source tools where possible, and carefully evaluate paid options.
  • Outsource strategically: Consider outsourcing non-core tasks to freelancers or virtual assistants for cost savings.
  • Seek support: Network with other entrepreneurs and seek guidance from mentors or advisors.

Running a business is an incredible journey, but don’t let hidden costs derail your dreams.

By being informed, proactive, and resourceful, you can navigate these financial hurdles and set your business on a course for success. 

Remember, every cost you control is an investment in your future. So, set sail with your eyes wide open, and chart a course towards financial stability and entrepreneurial freedom!

Business Budget 2024 - Cost Audit Banner - DMT Solutions
Seven Cost-Reduction Mistakes to Avoid in 2024 - DMT Solutions

Avoid Seven Cost-Reduction Mistakes in 2024

by BusinessCost ReductionFinanceProcurement

It’s hard to avoid cost reduction in the current economic climate.  Organisations face a multitude of challenges, including persistent inflation, supply chain disruptions, and a tight labour market in 2024. 

Amidst these headwinds, cost reductions are often seen as a necessary measure to maintain financial stability. 

However, knee-jerk cost-cutting measures can have unintended consequences, jeopardising the long-term health of the organisation.

1. Avoid Blanket Cuts with Unrealistic Targets

Unrealistic cost-reduction targets can lead to across-the-board cuts that penalise efficient departments and erode important sources of value. Instead, a more strategic approach involves identifying and prioritising areas where savings can be achieved without compromising the organisation’s core operations or growth potential.

2. Prioritise Sustainable Behaviour Change

Cost-cutting initiatives should not be a one-time event but rather an ongoing process of identifying and implementing sustainable behaviours that will reduce expenses over the long term. This may involve streamlining processes, optimising resource allocation, and fostering a culture of cost consciousness throughout the organisation.

3. Address Complexity to Minimise Overhead Costs

Complexity is often a hidden cost driver, contributing to excessive inventory holding, warranty claims, and slower decision-making. By simplifying business processes, reducing the number of product variants, and streamlining management structures, organisations can significantly reduce overhead costs without compromising their value proposition.

Seven-Cost-Reduction-Mistakes-to-Avoid-DMT-Solutions

4. Protect Innovation Investments

Aggressive cost-cutting measures can drain resources from high-impact innovation projects, potentially hindering the organisation’s ability to adapt to market changes and maintain a competitive edge. It is crucial to strike a balance between cost reduction and innovation investment, ensuring that the organisation has the resources necessary to drive future growth.

5. Embrace Digital Transformation

Digital technologies offer a multitude of opportunities to reduce costs, improve operational efficiency, and enhance customer experience. Investing in digital transformation initiatives can help organisations achieve cost savings in the long run, while also gaining a competitive advantage in the digital era.

6. Negotiate Fair Contracts with Vendors

In today’s competitive landscape, it is essential to negotiate favourable terms and conditions with vendors to ensure that the organisation is not overpaying for essential services or technologies. Carefully assess the value proposition of proposed solutions and negotiate not just prices but also terms and conditions to protect the organisation’s interests.

7. Assess Risk Management Impact

Cost-reduction initiatives should not come at the expense of the organisation’s long-term viability. By considering the potential impact on cybersecurity, supply chain performance, and employee morale, organisations can avoid rash decisions that could expose them to significant risks.

Conclusion

In conclusion, navigating the current economic challenges requires a thoughtful approach to cost reduction that prioritises strategic decision-making, sustainable behaviour change, and a balanced approach to innovation and cost management.

By avoiding common pitfalls and focusing on long-term value creation, organisations can emerge from the current economic climate stronger and more resilient in 2024.

 

Contact us if you would like a Free Cost-Audit of your business to help you reduce business costs and overheads.

 

Reduce Costs - DMT Solutions

15 Ways to Reduce Costs in Manufacturing

by BusinessCost ReductionFinanceProcurement

In the competitive landscape of manufacturing, cost-effectiveness is paramount to achieving sustainable growth and profitability.

By implementing strategic cost-saving measures, manufacturers can enhance their bottom line and gain a competitive edge. 

This article outlines 15 practical strategies to reduce manufacturing costs, emphasising the benefits of joining DMT Solutions buying group.

Harnessing the Power of Buying Groups

Buying groups, also known as strategic sourcing groups or cooperative purchasing organisations, are membership-based organisations that aggregate the buying power of multiple manufacturers.

By pooling their purchasing volume, these groups negotiate favourable terms with suppliers, securing discounts on raw materials, components, and other essential goods and services.

Benefits of Joining a Buying Group

  1. Enhanced Negotiation Power: Buying groups gain significant leverage in negotiations with suppliers due to their collective purchasing power. This allows them to secure lower prices, better terms, and exclusive deals that individual manufacturers would struggle to obtain.
  2. Broader Product Range: Access to a wider range of suppliers and products enables buying groups to offer their members a comprehensive selection of high-quality materials and components at competitive prices.
  3. Improved Efficiency: Buying groups streamline the procurement process by handling sourcing, negotiations, and order management collectively which frees up valuable time and resources for manufacturers to focus on core business activities.
  4. Reduced Administrative Costs: Buying groups eliminate the need for individual manufacturers to manage their procurement processes, reducing administrative burdens and overhead costs.
  5. Enhanced Market Insights: Buying groups provide members with market intelligence, industry trends, and supplier evaluations, helping them make informed procurement decisions.
  6. Environmentally Conscious Practices: Some buying groups prioritise suppliers committed to sustainable practices, promoting eco-friendly procurement practices within their member networks.
  7. Shared Expertise and Resources: Buying groups often provide members with access to specialised expertise and resources, such as quality control audits, training programs, and industry benchmarking tools.
Manufacturing Costs - DMT Solutions

Cost-Saving Strategies for Manufacturing

  1. Streamline Operations: Identify and eliminate inefficiencies in production processes, reducing waste and optimising resource utilisation.
  2. Optimise Inventory Management: Implement effective inventory management systems to prevent overstocking and ensure a just-in-time supply of materials.
  3. Negotiate with Suppliers: Develop strong relationships with suppliers and negotiate favourable terms, including volume discounts and prompt payment incentives.
  4. Utilise Technology: Invest in software solutions for inventory management, production planning, and supply chain optimisation.
  5. Embrace Automation: Automate repetitive tasks and processes to reduce labour costs and improve efficiency.
  6. Review Staffing Needs: Assess staffing levels and consider outsourcing non-core activities to reduce labour expenses.
  7. Upskill and Motivate Employees: Invest in employee training and development to enhance productivity and reduce turnover.
  8. Review Energy Consumption: Implement energy-efficient practices and technologies to reduce utility costs.
  9. Adopt Lean Manufacturing Principles: Identify and eliminate waste throughout the production process, improving efficiency and reducing costs.
  10. Recycle and Reuse Materials: Implement sustainable practices to minimise waste and reduce reliance on raw materials.
  11. Consider Packaging Alternatives: Evaluate packaging needs and explore eco-friendly alternatives to reduce costs and environmental impact.
  12. Review Rents and Lease Agreements: Negotiate better lease terms or explore alternative facilities to optimise occupancy costs.
  13. Implement Predictive Maintenance: Regularly maintain equipment to minimise downtime and reduce repair costs.
  14. Monitor and Control Miscellaneous Expenses: Regularly review and control all non-essential expenses, such as office supplies and uniforms.
  15. Seek Professional Assistance: Consult with experts in procurement, supply chain management, and cost optimisation for tailored strategies.

Conclusion

By implementing these cost-saving strategies and leveraging the benefits of joining the UK’s largest buying group, manufacturers can effectively manage their expenses, enhance profitability, and strengthen their competitive position in the market.

Remember, continuous improvement and a focus on efficiency are key to achieving long-term sustainability and success in the manufacturing industry.

The Advantages Of Joining The UK’s Largest Buying Group - DMT Solutions

The UK’s Largest Buying Group: Advantages of Joining

by BusinessCost ReductionFinanceProcurement

Joining the UK’s largest buying group will help businesses navigate the ever-evolving landscape of business. Staying competitive requires more than just innovation and strategy; it demands a keen focus on optimising costs and maximising efficiency.

As a business owner, navigating the complexities of procurement to reduce overheads and streamline operations while striving for growth can be a daunting task.

That’s where DMT Solutions steps in. Leverage the strength of the UK’s largest buying group to offer unparalleled advantages to UK businesses of all sizes.

Joining the UK’s largest buying group for free presents a compelling opportunity to achieve significant savings across a wide range of business expenses.

Harnessing the Power of Collective Buying

Buying groups, also known as procurement consortiums, are organisations that aggregate the purchasing power of multiple businesses to negotiate better deals with suppliers. This collective bargaining strength translates into substantial discounts and cost savings for businesses. 

As the UK’s largest buying group, we have an extensive network of members and established relationships with suppliers and are uniquely positioned to secure exceptional rates and terms for our clients.

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A Comprehensive Range of Cost Savings Opportunities

The benefits of joining the UK’s largest buying group extend far beyond traditional procurement categories.

The group leverages its expertise to negotiate favourable deals on a diverse array of business expenses, including:

  • Utilities: Reduce electricity, gas, and water costs.
  • Payment Terminals: Secure better rates on card machines and transaction fees.
  • Corporate Social Responsibility: Enhance sustainability practices while gaining cost-effective solutions.
  • Waste Management and Recycling: Optimise waste disposal and recycling processes at reduced costs.
  • Water Rates: Negotiate lower water bills for commercial and industrial premises.
  • Business Rates: Access expert advice and support to minimise business rates payments.
  • Courier services: Optimise shipping and logistics expenses with discounted courier rates.
  • Insurance: Secure comprehensive coverage at competitive premiums.
  • Fuel Cards: Enjoy lower fuel costs for your company fleet.
  • Vehicle Leasing: Obtain favourable terms on vehicle leasing and rental agreements.
  • Green Energy: Transition to renewable energy sources at reduced costs.
  • Office Supplies: Streamline procurement and benefit from bulk discounts on office essentials.
  • R&D Tax Credits: Maximise tax relief by identifying and claiming eligible R&D expenditures.
  • Cleaning Supplies: Secure high-quality cleaning products at competitive prices.
  • Postage and Packing: Optimise postal costs and access discounted shipping services.

A Collaborative Approach to Cost Reduction

As the UK’s largest buying group, we take a collaborative approach to cost reduction, working closely with members to understand their specific needs and identify areas for potential savings.

The group’s team of experienced procurement specialists provides personalised guidance and support, ensuring that members maximise value.

Save time and money with the UK's largest buying group - DMT Solutions

Additional Benefits of Membership

In addition to substantial cost savings, joining the UK’s largest buying group offers a range of additional benefits, including:

  • Access to exclusive deals and promotions.
  • Up-to-date market intelligence and industry insights.
  • Risk mitigation strategies to protect against supply chain disruptions.
  • Networking opportunities with fellow business owners.
  • Expert advice on regulatory compliance
  • Additional revenue stream by recommending our services to business owners.

Empowering Businesses to Thrive

The UK’s largest buying group is committed to empowering businesses to thrive by reducing costs and enhancing efficiency. 

By leveraging the group’s collective buying power and expertise, businesses can unlock significant savings of up to 75%, reinvest in their core operations, and achieve their strategic goals.

Conclusion

Joining the UK’s largest buying group is a strategic decision that can transform a business’s financial landscape.

By joining the UK’s largest buying group for free, many of our customers have avoided inflationary pressures and kept their prices the same as last year. 

The savings businesses make from cost reduction have enabled businesses to grow, employ new staff, save jobs, invest in marketing, buy new stock, remain competitive and invest in Corporate Social Responsibility without having to increase spending money.

By harnessing the power of collective buying and tapping into the group’s expertise, businesses can secure substantial savings across a wide range of expenses, fueling their growth and propelling them towards sustainable success.

Business Costs - DMT Solutions

Slash Your Business Costs and Boost Your Bottom Line

by BusinessCost ReductionFinanceProcurement

In the face of rising costs and economic uncertainty, UK businesses are facing a pressing challenge: 

How to maintain profitability while minimising expenses. 

At DMT Solutions, we understand the unique pressures faced by UK businesses, and we’re here to help you navigate these challenges and emerge stronger.

Our team of experienced cost reduction experts is committed to helping businesses like yours identify and eliminate unnecessary overheads, streamline operations, and unlock hidden savings opportunities.

Identifying the Hidden Costs Draining Your Profits
Many businesses are unaware of the extent to which unnecessary expenses are eroding their bottom line. From bloated software subscriptions to inefficient energy consumption, these hidden costs can accumulate over time, silently siphoning away the profits you’ve worked hard to earn. 

DMT Solutions takes a comprehensive approach to cost reduction, meticulously examining every aspect of your operations to identify and eliminate these hidden drains.

Unleashing the Power of Automation

In today’s technology-driven world, automation is not just a buzzword, it’s a necessity. DMT Solutions helps businesses harness the power of automation to streamline repetitive tasks, reduce human error, and free up valuable time and resources. By automating mundane processes, you can empower your employees to focus on high-value activities that drive revenue and growth.

Business Costs Opportunity - DMT Solutions

Negotiating with Vendors: The Art of Savvy Savings

When it comes to vendor negotiations, many businesses feel powerless, often settling for unfavourable terms that eat into their profits. DMT Solutions brings expertise and leverage to the table, skillfully negotiating with vendors on your behalf to secure the best possible rates and terms. We understand the dynamics of vendor relationships and know how to extract maximum value for your business.

Optimising Your Software Landscape: Eliminating Wasteful Subscriptions

In today’s software-driven world, it’s easy to fall into the trap of subscribing to multiple applications, many of which go underutilised or are simply unnecessary. 

Conduct a thorough audit of your software landscape, identifying redundant subscriptions, outdated programs, and underutilised features. Optimise your software portfolio, eliminating unnecessary expenses and streamlining your operations.

Embracing Energy Efficiency: Saving Money, Saving the Planet

Business energy costs can be a significant burden, especially for those with large physical spaces. DMT Solutions helps businesses implement energy-efficient practices, reducing consumption and lowering utility bills. We identify areas of energy waste, recommend cost-effective solutions, and guide you through the implementation process.

Partner with DMT Solutions: Unleash Your Profit Potential

At DMT Solutions, we’re not just about cost reduction; we’re about helping businesses achieve their full potential. 

We understand that every business is unique and we tailor our strategies to your specific needs and goals.

We believe that every pound saved is a pound earned, and we’re dedicated to helping you secure the financial freedom you deserve.

With our expertise, dedication, and unwavering commitment to client success, we’re confident that we can help you unlock significant cost savings, boost your profitability, and propel your business to new heights of success.

Don’t let unnecessary costs and overheads hinder your business growth. With our proven strategies and unwavering commitment to client success, we’re dedicated to helping businesses like yours streamline operations, eliminate wasteful expenses, and achieve the financial goals they deserve.

Contact DMT Solutions today for a free cost review and embark on a journey of cost optimisation and profitability enhancement.

Together, we’ll transform your financial landscape and unlock the true potential of your business.

Procurement Act Marks Historic Transformation For UK SMEs - DMT Solutions

Procurement Act Marks Historic Transformation for UK SMEs

by BusinessCost ReductionFinanceNewsProcurement

Today, we are thrilled to announce that the Procurement Act has officially received Royal Assent, marking a pivotal milestone in the government’s commitment to fostering lasting change and prosperity.

The Procurement Act, now enshrined in law, promises to bring about one of the most significant overhauls in the history of procurement regulations in the UK.

Its far-reaching implications will empower small businesses, creating a more equitable and inclusive business landscape for economic growth and development.

Business Buying Power- DMT Solutions

Key highlights of the Procurement Act include:

  1. Enhanced Opportunities: Small businesses will have unprecedented access to a wider array of procurement opportunities, enabling them to compete on a level playing field with larger corporations.
  2. Streamlined Processes: The Act will introduce streamlined and efficient procurement procedures, reducing bureaucratic hurdles and fostering a more dynamic marketplace.
  3. Economic Empowerment: The Act’s focus on inclusivity, paves the way for substantial economic empowerment, ensuring that small businesses can play a central role in shaping the country’s future.
  4. Long-term Prosperity: The Act aligns with the government’s commitment to making decisions that lead to sustained, positive change, driving the UK toward a brighter future.

We invite small business owners and entrepreneurs to embrace this historic change as an opportunity to propel their businesses to new heights.

The Procurement Act is a testament to the government’s dedication to fostering a thriving and resilient small business ecosystem.

If you would like to make your business more competitive and want to know more about the opportunities for small businesses, please visit https://dmtsolutions.co.uk/solutions/.

Have the recent changes in legislation changed your views on the Government and Ministers?

Benefits of buying power for a Small Business - DMT Solutions

What are the benefits of buying power for a Small Business?

by BusinessCost ReductionFinance

Buying power should be a priority for UK small businesses that have been hit the hardest in the last few years by Brexit, Covid-19, the Ukraine war raising the price of goods and inflation.

Although the business outlook looks aggressive, businesses need to remain resilient and confident to overcome the next few years.

As a small business, we understand the hardship companies face when getting the best deals from suppliers. Many suppliers will look favourably and offer deals and discounts towards companies that spend more money. For those organisations that do not spend as much or are less frequent in usage, they struggle to find a supplier that can offer preferential rates, which costs time, resources and money – which is why many small businesses lose out in the buying stakes. 

Not being able to command discounts from suppliers makes it harder for SMEs to compete against competitors. 

The pandemic combined with tighter margins and rising costs, forced many small businesses in the UK to shut their doors for good. From 2021 to 2022, there were 581,824 dissolutions in the UK, an increase of 32.9% compared with 2020 to 2021, the highest number of dissolutions on record*.

Business Closure - DMT Solutions

Forward Thinking

In order to strategically advance our position and the circumstances of our clients, we became a part of the UK’s largest buying group with the buying power of an FTSE 250 company. 

As a business, by joining the buying group, we were able to reduce many different business costs and overheads, making us more competitive and enjoy superior rates and deals that were not available on the open market or to our competitors. 🙂

There are several benefits to having buying power:

  1. Discounts and better pricing: With robust buying power, our buying group are able to negotiate better prices or discounts on the products or services a business would traditionally use, such as insurance, energy, and payment terminals. The amount of money businesses have saved over the years has amounted to hundreds of thousands of pounds.
  2. Greater flexibility: Having buying power can also give you greater flexibility in your purchasing decisions. For example, you may be able to purchase in larger quantities to take advantage of bulk discounts or longer payment terms to improve your cash flow.
  3. Improved bargaining position: Buying power gives us a better bargaining position when negotiating with suppliers, thus helping you get more favourable terms and conditions, such as better warranties or more flexible delivery schedules.
  4. Increased efficiency: By purchasing the products or services you need at a lower cost, you may be able to improve the efficiency of your operations and increase your profitability.
  5. Stronger relationships: Building deeper and stronger relationships with suppliers can also be a benefit of having buying power. Stronger relations help secure more favourable terms and conditions and receive better service and support from your suppliers.
Business Buying Power- DMT Solutions

Review Time

Now is the perfect time to review your general expenses and uncover potential opportunities for savings. Here are some areas to focus on:

Fixed Costs – These are your regular, predictable expenses consistent throughout the year. If you receive any notifications of changes, take the opportunity to evaluate your options. Consider whether you can find a better rate elsewhere or adjust your sales plan to accommodate these costs.

Variable Costs – Expenses that fluctuate with usage can often be negotiated. Don’t hesitate to have a conversation with your supplier to maintain a fair price or secure a volume discount.

Investment – If you need to drive your business forward with external help or new technology, research the costs and plan for it. Helping you focus on your sales goals and plan ahead to achieve them.

By joining our buying group for free, businesses can save up to 75% on their business costs and overheads.

With such huge savings, businesses can reinvest their capital into their company for growth, saving or creating more jobs, marketing, expansion, buying more stock, and so much more.

By anticipating your future expenses, you can ensure that your sales and profits will cover them. This forward-thinking approach will give you the confidence that you’re on the right track to reach your business objectives.

If you would like to cut your business overheads, then Contact Us for a free, no-obligation business review.

*Source: gov.uk