A Preferred Supplier List (PSL) is quickly becoming an industry standard due to the growing need for compliant solutions for contractors across all industries. Thanks to our FCSA and APSCo accreditation we already feature on many PSLs, but if you don’t already operate one, here are a few reasons you should:
Running a PSL helps to ensure suppliers are:
Compliant – as legislation such as MTD and IR35 is implemented it’s more important than ever to be sure you are working with experts. This protects the reputation of your company and avoids you being held responsible for the mistakes of an unregulated firm. Professional accreditations are a key method of identifying compliant firms so make sure to check they’re listed in the directories before adding them to your PSL.
Reliable – A PSL helps to ensure all your partners are financially stable, experienced and trusted within the industry. This guarantees your clients receive the best level of service possible, saving time and effort for all parties involved. Through the personal connection you are able to build with PSL suppliers they are also more likely to go above and beyond should there be any issues.
Trustworthy – Suppliers will often need access to confidential information so it’s vital to know that data is handled correctly and securely at all stages of the process. Choosing to only work with GDPR compliant firms is a good first step but looking for accreditations such as FCSA and APSCo ensures they’re compliant in all aspects of the business. It’s also important for protecting your agency reputation as any association with an unregulated firm is likely to put compliant firms off working with you.
Efficient – Running a PSL not only lets you select a supplier quicker, it also lets you assess the efficiency of your supply chain more regularly and with better focus. By working closely with trusted partners rather than impersonal suppliers you can implement systems that make life easier for all involved. You also have the power to add and remove suppliers based on their performance and thanks to the strong relationships built when running a PSL, you can be confident approaching your suppliers when their service quality is undesirable.
Advocates – By having a list of trusted suppliers you’re able to build more meaningful relationships that can be mutually beneficial. As part of a PSL, many suppliers will become advocates for the agency; using them more often, recommending them to clients and favouring them when decision making.
ICS have been supporting contractors and freelancers across the UK since 2002. We pride ourselves on our ethos of Trust, Care and Compliance providing expert advice and support to the contractors and agencies we have the pleasure of working with. We are FCSA accredited and an APSCo affiliate member, ensuring compliancy across all business activities so you can be sure you, and your clients, are in safe hands. Get in contact today on 0800 195 3750 or email info@icsuk.com to add ICS to your PSL.
