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Finding a Supplier

4 Tips to Finding the Right Supplier

The hardest thing about any type of company, whether you are a manufacturing business or you are a small-scale company that relies on a handful of customers, the right supplier can make a massive difference to your results. If you don’t have a reliable supplier or one that doesn’t provide quality products, you are going to struggle to pass that on to the customer. What does it take to find the right supplier? Here are some key things to consider:

Understand What You Need

Your criteria may be very unique. You will need to think about how long you want to wait between placing an order and receiving them, how much you can order at a time, and also what the company can do for you in an emergency. Many manufacturing companies are dedicated to automation. As companies like Yaskawa provide automation tools for business, if you needed Yaskawa parts because of issues with your machinery, you would need to ensure that they are trustworthy enough to deliver what you need. Understanding what you need is not just about your goals, but about ensuring that every problem scenario has been properly thought through as well.

Finding Potential Suppliers

You can find suppliers in a number of ways. The best way to find the right one for you is to go through a wider variety of channels and then streamline later. You need to build up a shortlist of the best ones, but you need to undertake your research upfront. You can look at trade associations, trade press, as well as recommendations, but you also need to determine if your shortlist of suppliers can deliver the goods. You need to look at how long they’ve been established, if they are financially secure, or if they come recommended by others and have that seal of approval, such as being on approved supplier lists.

Building a Good Relationship

It’s vital to remember that you can find the right supplier to give you what you need, but you also need to give them what they need as well. The right supplier is going to be invaluable for your long-term business success, which is why you need to remember that the little things will make a big difference. It’s important to consider some of the following: 

  • Passing on opportunities to them. 
  • Regular contact. 
  • Meeting face-to-face.
  • Getting insight into how their business works.

Negotiating the Right Terms

This is one of those things that can prove to be difficult, especially as a new business, but you need to go in with the things that matter to you and need to decide what you are not prepared to compromise on. New businesses can find themselves overwhelmed by the arena of negotiation- before you start negotiating, you’ve got to learn how to do it. This means never accepting the first offer and not being afraid to dig deeper as to why their price is really low. It could be value for money, but it could imply something far more problematic for you in the long run.

 

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