Wednesday, June 18, 2014

TOP FIVE FACTORS TO CONSIDER IN CHOOSING THE RIGHT SUPPLIER

There are so many factors to consider when you decide to establish your own business including the type of business you want to enter, the target customers you want to deal with and the location where you want your business to be established. Well, same thing goes when looking for the perfect supplier for your business. There are so many things to consider in order to find the right one. Please be mindful that you are about to establish a long term relationship with the suppliers so this is definitely something no to be ignored. Listed below are five factors to consider in choosing the right supplier for your business.
TOP FIVE FACTORS TO CONSIDER IN CHOOSING THE RIGHT SUPPLIER

5.  Evaluate Supplier Based on Different Criteria.
A business is like a jigsaw puzzle. It is a combination of different puzzle pieces which symbolize you as the manager, your crews, your customer and of course the supplier. Without the supplier, you cannot create the whole picture but in order to form a better picture, make sure that your supplier will meet your certain requirements. This is the reason why you have to evaluate them first. Check what method of delivery they offer, see how their quality assurance works, check their payment terms and conditions thoroughly and see if they offer return policy. You have to make sure that they will meet all the standards before negotiating or dealing with them.

4. Check Their Longevity in the Industry.
I always believe that once a business managed to stay for such a long time in one particular industry , it means that they are truly well trusted and highly reliable. If they managed to stay for many years or decades in the Supplying industry, then it means that many customers or business partners are patronizing their services. They probably got the formula that every businesses are looking for. Peach Suite, for an instance, is known for providing first class PeachSuite Hotel Supplies for thirty years. Sustaining such business for over three decades is not a big joke and is only a proof how trust worthy their services are.

3. Find Potential Suppliers and Create a Shortlist before making Final decisions. 
Just like when you are looking for an Engineer to work with your house or a Wedding planner to organize your wedding, you also have to create a list of all the potential suppliers you know. Sort them out and see which of them will meet your requirements and which of them are not. You can find potential suppliers through different methods. You can get recommendations to other businesses. They can strongly provide you the best suppliers and give you all the pros and cons of choosing them. You can also find potential suppliers though different channels like Directories, Business Advisers and of course you can search them online. Let us say you are looking for Pizza Shop Supplies, you can go and search the web and look for some highly competitive deals that will also match your needs.

2. Reliability.
Reliability of the Supplier is probably one of the most important factors to consider. You do not want to deal with a supplier who will just leave you when some troubles arrive. Keep in mind that you are looking for a long term relationship between your business and the supplier so choosing a reliable partner plays a vital role in establishing a successful business trade.  It is also important to monitor your supplier performance and use it to evaluate their consistency. This will also improve your business's productivity in return.

1. Quality
Above anything else, Quality is the most important thing to consider in choosing the right supplier. What is the sense of having a fast and flexible service if the quality of the product they are supplying will not really meet the standards? If you are looking for an Asian Restaurant Supply, for example, then you must really consider the quality considering that most of the products they use are delicate China wares and some hard-to-find utensils and more. If the quality is good, chances are, more customers will patronize your products and a long term relationship between you and the supplier will be established soon.

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