Customers prefer brands that offer quality goods and services as well as great value for money. Thus, having the right suppliers that can provide you with the best materials at affordable prices will be instrumental in becoming the no. 1 choice of your clients. You must select suppliers that fit your needs and styles. How do you go about it?
Set your criteria for selection
Know your needs and wants. What are the important standards you want for your suppliers? Is it having an affordable cost of their offerings? Is it their capacity to deliver the number of materials you need? Your criteria may include location, pricing, reliability, availability, efficiency and output. List down what you require from your suppliers and make it as specific as possible.
Come up with an efficient supplier selection process and system
Gather relevant documents and data from prospective suppliers and do some fact-check and due diligence to ensure that they meet your criteria and that there are no conflicts of interest. Make sure that they are legit and that they comply with government requirements. If you are just starting with a limited network, you can find suppliers through referrals or by checking the internet. Then, create a process and system that will make the selection smooth and trustworthy. Have them submit their price quotation for your reference and comparison.
Check the quality of production or service
Apart from information and documents, also get samples of their products, test them and try the way they deliver their service. Visit their factory, warehouse and office to observe their quality of work. You can also inquire with their existing and past clients on their experience and satisfaction level of your prospective suppliers. Gauge their capacity to deliver to their promise by verifying their turnaround time and the volume of products they manufacture regularly.
Consider their knowledge of the industry and market
How long have they been in their line of business? Take into account their expertise, experience and understanding of the industry and your market. Are they up-to-date with the latest trends and needs of your prospects? How competitive are they in their industry? Are they able to lend sound advice to you to make your offerings durable and appealing to your market?
Assess their values and culture with yours
Treat your suppliers as your partners and members of your team. If they cannot work well with your work style and culture, things can be unmanageable. How easy is it to communicate, coordinate and deal with them? Even if they have the best services and affordable rates but may be difficult to handle, problems can still get in the way. Align their values with yours.
Have at least three prospective suppliers for your every need. Once you have chosen your supplier and signed a contract with them, implement a regular assessment on their output and evaluate if you need to continue or halt your partnership with them.