10 tips to finding a reliable supplier
Finding the right supplier is a tedious and time consuming task that can affect your production line when you need outsourced goods to complete production. Businesses create long term and lasting relationships with suppliers and it highlights the need for a good and positive relationship to help each other grow.
Simplify the tedious task of finding a supplier with these 10 tips that offer you guidance when searching for the right supplier.
- Cost of resources:
One of the important factors when looking for a new supplier is the pricing of the needed resources. The prices between suppliers differ and choosing one that fits your budget and your unique resource requirements. To find a supplier that meets your needs, order different quantities of the resources you need to be able to compare and receive the best price.
- Quality of required resources:
Cost and quality go hand in hand when it comes to finding a reliable supplier of the resources you need. In order to continue giving your clients quality services that they expect. To find a supplier that provides you quality products you have to take into consideration that there could be a price increase. To test out the quality of the product or resources, order samples to see what quality they will provide for your company.
- Reliability and experience:
Supplier relationships are long term relationships that are established over time. Finding a reliable supplier that delivers your resource and have enough experience to ensure you will receive your goods on time. To find a reliable supplier look and ask for references to see their experience and expertise to understand their capabilities and to prevent late order completions that could reflect badly on your business.
- Consistency in resources:
Receiving the same resources in the correct quantity and quality is a necessity for any business looking for a supplier. Providing customers with consistent services and goods reflects positively on your business, that is why finding a supplier that consistently provides your resources on time, the correct quantity and quality every time is necessary. Consistency is more than on time delivery it is about receiving the correct resource in the correct format that you require when you require it. Compare different suppliers by ordering samples at different times to see the consistency in each supplier.
- Location of the supplier:
Sourcing a supplier that is cost effective and provides quality resources is necessary but it is beneficial to source a supplier that is close to your business units in terms of location. The cost of your resources could be cost effective but you could waste money and time with the distance that your resource have to travel to get to your different units. Look for suppliers in your direct location to minimize traveling costs and to support local businesses in the process.
- Delivery time of requested resources:
Completing orders and providing services take planning and it includes the delivery time estimate. Finding a supplier that delivers on time is necessary as you can plan ahead and purchase resources when you need it. To find an effective supplier order different quantities at different times and see their delivery time schedule to adjust your production planning to meet their delivery.
- Payment terms of the supplier:
Receiving incorrect or faulty stock is a part of any resource acquisition process. Finding a supplier that offers your business credit or discount on faulty stock help keep a positive and lasting relationship. Finding a supplier that has payment terms that suite your business needs will help you in building a lasting relationship that will help ensure you can return faulty resources without any negative consequences.
- Capacity to fulfil your request:
Sourcing suppliers is a hard and tedious task, as you can find suppliers that provide your business with the resources that you need, but not in the quantity that you need it in. Find a supplier that will cope with the quantity and quality of the resources you need when you need them. Clear communication is a key aspect to uncover if the supplier has the tools, man power and the ability to provide large or small quantities for your business.
- Clear communication with all parties involved:
To create a lasting supplier relationship one needs to have clear and honest communication to ensure that each party understands what is expected and provides what is requested. Having clear communication with your supplier will empower your business to ensure that products are ordered and received on time in the quantity and quality that is desired. Create a long term relationship with a supplier that you can trust and that offers clear communication to prevent order mistakes or late deliveries.
- Compare vendors and suppliers:
To find the right supplier that meets your business needs you have to compare them with each other. Find a supplier that is right for your business in terms of cost, quality, quantity and location to ensure that completion of your services. Compare vendors based on quality, quotes and actual deliveries of the required resources.
Finding any supplier that meets your business requirements is a long and tedious task. Once you find a supplier you tend to use them for a long time and create a lasting relationship and to maintain a positive one as well. Utilize these tips to simplify the way you look for a supplier and to have a guideline to uncover a reliable supplier that will ensure that all your resource needs are met to enable business continuity.
Using a procurement management solution can assist your business by subverting criminal gain and activities and even human errors. Through the use of a procurement management solution you can find a supplier that will ensure a cost effective outcome for your business while preventing any criminal activities.
Finance Apps is a user friendly procurement application that allows you to store supplier information in the contract management feature, and assists you to order resources on time through predictive analytics with the innovative suggested ordering feature. Maintain a lasting relationship through Finance apps that allows for clear communication and fast returns and to ensure payment terms are met on both parties.