When you own and operate a business, you’re very aware that you can’t do it on your own. You need staff, customers, and so much support to keep your business afloat and turning a great profit. The arm of your business is far-reaching and you’ll end up interacting with so many different people along your journey. Perhaps your closest, most important relationship will be between you and your suppliers.
No matter what you’re manufacturing or creating in your business, you’ll often need supplies to create your product or sell that item in a creative way. Interacting with brokers and sellers is an art form, one you’ll want to master if you want to get the best quality products every time. Your relationship with your suppliers requires loyalty and trust from both sides. You need their goods and/or services to make your business dreams a reality, but remember, they need you as well. It’s a mutually beneficial relationship that is all about how well you work together. Don’t settle for any suppliers, be sure you’re working with the best of the best. With so many companies out there, it can seem intimidating to search for your perfect match. As you’re shopping around for the perfect supplier for your business, here are just a few things to keep in mind.
Know what you’re looking for.
First thing’s first, what exactly do you need a supplier for? Are you running a manufacturing company that needs raw materials to create their accessories or are you an organization that simply needs supplies to resell to your customers? Be specific about what your specific needs are. Even a generalization doesn’t cut it here. For example, churches need church supplies to dress their clergy, engage their congregation, and hold regular services. But depending on what communion elements you want or what Bibles you use, different suppliers may be able to provide more appropriate items.
Beyond the items themselves, you also want to set a list of parameters you want your suppliers to follow. You can work together to set the terms for your relationship. Know how you want to receive your items and the amount of time you want between placing an order and receiving it. What will be the best way for you to pay and how is the supplier going to guarantee you get a quality product every single time? With your own custom formulation and privacy policy, you can start to filter out the suppliers that don’t meet your protocols. Prioritize your business and refuse to accept any less than you need.
Find experts.
Demanding the best is one thing, it’s another thing entirely to find those experts. Companies and suppliers will often claim to be incredible at what they do, but they don’t have hard evidence to back it up. See if you can get third party feedback or internet numbers that paint a whole picture of the supplier and how it is to work with them. For example, if you’re researching softgel manufacturers, investigate the best price and formulation of their capsules, but also look up reviews from satisfied customers. With so many five star reviews, no wonder this supplement manufacturer has earned the title of best in class encapsulation. The internet protocol version is great at telling you products are high-quality with fancy certificates, but look at the entire process and how they handle customer service before you invest in them. Finding companies with a true specialty in what you need requires going the extra mile with your research.
Know it’s safe.
When you need are buying and selling, especially with suppliers you’ve yet to do business with, you want some confirmation that it is a safe process. So many interactions take place entirely online or through digital platforms; take steps to ensure the integrity of your business before you engage with anything sketchy. Even buying IPv4 blocks can be a tricky maneuver. People can sell IP address legally and efficiently or they can do it on the black market. Find a company that guarantees a great router and effective IPv4 address space so you’re internet numbers can soar with your newfound systems. Make sure your backup and transfer systems are efficient and safe. You’ll thank yourself in the long run when all your data and processing are kept safe from prying hands.
Understand the frequency of your needs.
Utilizing suppliers for your business is a continuous relationship. Usually, you’ll need their items more often than just a one-and-done situation. Have a good idea of the frequency of your needs before you reach out to suppliers. Like a company maintaining big machinery that is constantly working will probably need equipment for their lube pump on a regular basis. Make sure those moving pieces are staying cool and lubricated while working well. This will ultimately help you maintain the purity of your equipment. You may need to replace that monthly or only once a year. If you’re a restaurant business, you’ll need food from your suppliers on a weekly basis. The frequency of needs changes, so be prepared for how often you’ll need to acquire new supplies.
Choose the type of distributor.
When it comes to choosing your supplier, it’s good to know what kind of supplier you want to work with. There are a few different options here. You can consult with the manufacturer of your goods and supplies directly. Wholesalers and distributors are another option. These brokers buy from the manufacturer and act as the middle man, selling those items to you the buyer. You also may want to explore the options of buying from an independent source or an importer. All options are valid and offer you different benefits. It is up to personal preference as to which will work best with your needs and expectations.
Ask for bids.
Once you’ve found a few different suppliers you’re interested in, it’s time to put in a bid. This is when you fill out a request for a quote or proposal from the supplier detailing how you would work together. This can also be the best time to ask what extra services they may be able to provide for you. As a loyal customer, maybe you can get free shipping every ten orders or get a better deal when you buy in bulk for the year. This can be the area where you have a little negotiating power. When you have a few options, you have some leverage to get the best deal for you. This time is also when you have the most communication with the supplier directly. Try to gauge their interest and figure how reliable they will be in a partnership.
Monitor and evaluate performance.
You may feel like once you’re found a supplier, you’re forever locked in with that company. Not necessarily. Throughout your first few orders, monitor and evaluate their performance. Take note if you’re satisfied with the order last month or how the product development is coming along. If your supplier is seriously lacking or falling behind on their responsibility, it may be within your rights to terminate your contract with them. Of course, this is never the goal. Just know if you ever find yourself in a tight position, monitor the supplier’s performance and feel free to cut ties if it isn’t working out.
