New Year Planning: A Fresh Start for Procurement, Even Mid-Fiscal Year

The calendar year end often brings reflection and resolutions, but for procurement teams operating on financial years that don’t align with January, it might feel like a mis-step to dive into planning now.

However, sometimes the turn of the year can provide an excellent opportunity to pause, assess, and prepare for what’s ahead—even if your financial year is months from wrapping up. So... how can we make the most of this natural transition point?

Mid-Year Check-In: January offers a perfect midpoint to review progress against fiscal goals. Are you on track with cost savings, supplier performance, or innovation targets? How can you shout about your progress or make changes to hit your targets?

Alignment with Stakeholders: Many departments set their own goals in January. Procurement planning alongside, can align with broader team and organisational objectives for the following 12 months. This could be a great time to schedule a quick coffee and chat?

Strategic Reset: It’s a chance to spend some time looking at the market and evaluating trends, emerging risks, or supplier landscapes that may influence the remainder of the fiscal year within your category. Top tip: The new procurement space newsletter has some great insights!

So, if you’re considering how to start your January planning, here are some key focus areas to kick off your thinking:

Pipeline Review: Assess the activity pipeline for the coming months. Are there critical projects that need to be prioritised or early-stage preparation?

Supplier Relationships: Proactively check-in with key suppliers to reaffirm partnerships, address any lingering issues and discuss their annual plans.

Team Development: Identify training or skill gaps for yourself or from within the procurement team and plan for development opportunities.

Market Intelligence:  Review and update your category strategies based on the latest market data.

How to Approach New Year Planning

Leverage Momentum: Many stakeholders return from the holidays with renewed energy and focus. Use this period to gather inputs, gain buy-in for procurement initiatives, and build cross-departmental collaboration.

Set Short- and Long-Term Goals: Even if your fiscal year doesn’t end until later, set calendar-year goals that feed into the broader strategy.

Plan for Flexibility: The year ahead is bound to bring surprises - you work in procurement... you know the score! So, build this into plans to allow for adjustments as circumstances change.

New year planning doesn’t have to only be about budgets or financial deadlines—it can be about leveraging the energy and clarity that comes with a fresh calendar year. By aligning procurement goals with organisational priorities and preparing for the year ahead, you can seize a natural opportunity for growth and improvement, no matter where you are in the financial cycle.