Top Five benefits of doing business with the public sector

Top five benefits of doing business with the public sector

Public sector buyers are always looking to improve its service delivery and identify new, innovative suppliers to ensure that the people of the UK and Ireland are getting the best procurement deal, this in turn creates a number of benefits for suppliers working with government bodies.

Here are the top five benefits of doing business with the public sector:

1.Transparency in the public sector is a must, so government bodies have to be fair, honest and professional in the way they choose suppliers and in any dealings with them.

2.The public sector has to pay promptly and in line with the agreed contract terms. Public sector agencies must pay accounts within 30 days of receiving a valid bill or invoice. The public sector is never a bad debt risk.

3.Public sector contracts offer stability. Depending on which part of the market you are involved in, even during an economic downturn public services still need to be delivered. This provides suppliers with a relatively stable and durable customer base.

4.The public sector can offer bigger contracts than the private sector, which is particularly important for smaller businesses.

5.Since the public sector needs to get the best deal, this encourages competition in the market, meaning your business has a greater chance of being considered for each opportunity.

And beyond all of this, the main benefit of working with the public sector is the sheer size of the opportunity.

In the fiscal year ending in 2018, total UK public sector spending, including central government and local authorities, was £814 billion. This is expected to rise to £828.6 billion.

With more opportunities in the public sector out there than ever before, you need to be able to spot the opportunities that are sitting on your doorstep and beyond.

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