Learn more about starting a new business. If you decide to pass poor quality on to your customers, you risk damaging your business reputation. If the quality of your supplier's product or service is poor, you may incur extra costs for returns and replacements, and risk losing business with any delays that result. However, cheap does not always represent the best value for money. If you are focused on managing your finances, competitively priced suppliers are an attractive option. If you are in a new business, a key consideration for choosing suppliers is affordability. It is worth finding out what businesses have used a particular supplier's services and asking them for a reference. Check the supplier's credit history to see if they are financially stable. Stability is important, especially if you are entering into a long-term contract with a supplier or they are the only supplier of a particular item you need for your business.Įxercise due diligence. Look for experienced suppliers who have been in business a long time. In these cases your supplier may also respond better to different requests, such as rush orders or holding on to stock. However, you can often develop a closer relationship with small suppliers – especially if you are their main customer. Large suppliers are generally reliable because they have enough resources and systems in place to make sure they can still deliver if anything goes wrong. Reliable suppliers deliver the right goods or services on time, as described. Reliability should be another key consideration for choosing suppliers.
Be sure to investigate freight policies of distant suppliers. In contrast, dealing with more distant suppliers might mean longer delivery times and extra freight costs. Using local suppliers often brings benefits to businesses, including more flexibility, greater control, less supply chains costs and it’s good for your community. Keeping supply chains local can reduce risks to your business and enhance the sustainability of your business. Think about location when choosing suppliers. You can then compare their services to see which suppliers are the best fit for your business. Once you have a list of potential suppliers, ask them for written quotations and, where appropriate, a sample of the items you need. Key factors for choosing suppliers are outlined below. You can also use your networks to find suppliers or industry databases and association websites to find lists of local suppliers, including the Industry Capability Network. Attending industry events and exhibitions is another good way to find suppliers and examine their products and services. They may also advertise in business directories, such as True Local, Yellow Pages, Yelp, localsearch etc.
Online is the best way to locate suppliers such as manufacturers and wholesalers. The right suppliers provide the most suitable goods or services at the most suitable prices and in the right time frames for your specific business needs.
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