Choosing the right supplier ensures your business can thrive the way you want it to.
With the right supplier, it is a seamless transaction where a product/service is delivered on time, in the correct quality, at the agreed upon price.
Why is it Important to Choose the Right Supplier?
Choosing the right supplier results in long-term cooperation, allowing partnerships to develop.
Once trust is gained from the buyer, a relationship can be formed, resulting in repeat custom.
Having a good relationship with suppliers is a vital part of what makes a business successful.
Suppliers not only provide you with the goods and services required, but they can be an vital source of information and advice which can ultimately lead to new ventures.
Weigh up the Options
The choosing process is individual for each company, so you need to weigh up the importance of all factors involved including price, quality, reliability, service etc.
This will allow you to select the right supplier that caters for your organisation’s specific needs.
When choosing, it is advisable to take your time and assess all the options.
But very often people don’t have time. For example, events managers work to a strict timescale and often require a product/service to be delivered ASAP.
This can cause rushed decisions that sometimes aren’t right for the company.
But is there a problem if your supplier isn’t right for your business?
Inappropriate selection of suppliers results in wasted time, wasted costs, and reflects badly on your organisation.
If you have purchased a product/service that isn’t what you asked for, it portrays a poor-quality image for your company, undoing all your hard work.
It might not seem like such an issue as you can always find another supplier, but all the money, time and resources wasted can add up.
How to Choose the Right Supplier
Once you know the importance of having the right supplier, you then need to look at choosing the right supplier to fulfil your organisations’ needs.
Create Your Criteria
Creating a list of important criteria that your new supplier needs to adhere to is the first and most vital step to take.
This will most likely include:
- Quality assurance
- Delivery & lead times
- Stock levels
- Order quantities
- Return policy
- Customer Service
How will you find your new supplier?
Will you only search online?
What about recommendations from other companies?
Allocating proper time to carry out carefully planned research that covers all aspects will enable you to gain many more successful results.
This is perhaps the most valuable step.
If you think you’ve found a company you like the sound of, it is essential to check their reviews.
Here, you will find out what their service is like from their customers, and this will give you a better idea of what they are like as a company.
By comparing quotes from several different companies, you can gain a good idea of what the cost should look like.
It is essential that you evaluate these prices compared to what they are offering.
This also may help you realise what is most important – price or quality?
Once a supplier has been chosen, it is important to monitor their performance from the first quote right through to the deliverance of the product/service.
This will determine whether they are suitable to work with in future and whether you can trust them enough to build a lasting relationship.
To learn more, our post on ‘Ten Tips to Choosing the Right ID Card Supplier’ explains what you should look for when researching for any kind of ID card supplier.