To improve supply chain, it’s important to find the right vendor for your business. What makes a vendor fit in your supply chain will be different for every business, but a few metrics like price, location, product quality should be of critical importance.
Being supplied by the wrong vendor means high prices, difficult relationships, and lowered value for your business all around. After that, it gets a bit more difficult. If you’re having difficulty finding the perfect vendor for your business’s needs, try focusing in on the following strategies:
Source for Product Specific Suppliers
While it’s always important to account for logistical factors when choosing a new vendor, the ultimate consideration should always be the product you’re buying. Before you go out looking for any vendors at all, you need to have a firm understanding of exactly what product you’re wanting to buy. If you want to find the right vendor for you, find the one supplying the right product first.
Evaluate The Qualities You Need in A Vendor
What kind of vendor would work best for your needs? Some vendors are used to catering to massive corporations, while others are more comfortable dealing with mom-and-pop operations. Even suppliers that are dedicated to doing the best can simply might not be a great fit for your company due to size differences.
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Evaluate the qualities you most want your vendors to have. If it’s the ability to effectively and efficiently supply large quantities of the products you need, you probably need to look at larger suppliers. If you’re looking for a more hands-on supplier with a personal touch, you might want to consider smaller options. Look for the vendors that best match your needs and to improve supply chain.
Consider Logistics & Shipping Methods
Eventually, you’ll have to consider the actual logistics of your procurement. How are you actually going to get the products you need? A vendor could be a perfect fit on paper, but you need to make sure that the way the vendor distributes works for you as well.
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If a vendor is too far away, shipping could take a long time or carry unnecessary costs, especially if your vendor is traditionally focused on local business. Other vendors might have shipping methods that are incompatible with your business for financial or environmental reasons. A vendor doesn’t just make products for you; the vendor gets them to you as well. Make sure they’ll get them to you the right way.
Don’t Be Afraid to Negotiate
In business, very little is truly set in stone. If you find a vendor that has all the right qualities but is showing the wrong price, don’t let that discourage you. Vendors are businesses just like yours they need clientele to survive. Don’t be afraid to go toe-to-toe with some of these vendors to make a deal work. Finding what’s best for your business is worth a little bit of negotiation.
No business makes it alone. Every company needs allies, partners, and friends to succeed. Getting the right companies to supply you with the right products is a key step in positioning your company’s network for success.
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