“Dedication, woh oh hoh, dedication, hhmmmmm, dedication – that’s all you need!” *
I can almost hear those of a certain age singing along.
For 21 years these words opened the end credits for the BBC’s hit show Record Breakers.
A reminder for both young and old that sticking at it gets results.
A good message in its own context – work hard, keep practising and you will be the best you can be.
But life, and, ergo, business, is not that simple.
We all need checks and balances to ensure that what we are working hard at is producing the results we are aiming for.
To know where and when we need to make adjustments to improve.
More frequently, we are meeting with clients who have previously entered a contract with a supplier on what seemed to be tightly agreed-upon commercial terms.
However, by the time the said contract is up for renewal, a bus could be driven through the gaps that have appeared in the previously ‘watertight’ covenant.
Turn right for price creep.
Straight ahead for scope expansion.
Take the second left for rate card reduction.
So, how can this challenge be supervised and, ultimately, avoided?
I would suggest the answer is through regulation and spending control in as close to real time as possible.
This may be live, weekly or monthly – all of which are easily reportable through tech-led audit platforms.
This ensures rate cards are adhered to, new products are moved to the rate card as quickly as possible, and any erroneous charges are benchmarked and audited.
Waiting towards the end of a contract before having a robust check-in is like being the one-legged man at an arse kicking contest.
No control and incredibly difficult to balance.
As much as supplier innovation and entrepreneurism are to be recognised, they should not come at the expense of reduced visibility and control of the client’s spending.
Ongoing conversations and oversight provide the often-elusive transparency, engender trust and deepen relationships.
This is good for business – for both client and supply chain.
This makes us more efficient.
This makes us more effective.
So, with due deference to the great, late Roy Castle, I suggest we redact those lyrics to;
“Regulation, woh oh hoh, regulation, hhmmmmm, regulation – that’s all you need!”
*If you would like to reminisce (or discover) this timeless classic then here it is in all of its Youtube glory Record Breakers
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