Whether you’ve created a business based around manufacturing, production or retailing, chances are you will have to deal extensively with suppliers for raw materials, semi-processed components, or final goods. Ways to find a supplier could be a savvy and beneficial business move in terms of growth, even if you already have one. Here are some of the most important things to consider when figuring out how to find a supplier.
In the retail industry for example, receiving orders on time can be the difference between maximizing revenue and missing possible sales at the height of a product trend. It is also important to consider location when looking to find a supplier. If you can, try to keep your supplier close by geographically. If you must utilize a supplier who is far away, be sure to plan ahead with reasonable expectations about arrivals.
Tip: As a growing business, finding a small to medium-sized supplier often means you are a top priority for on-time shipments. As your supplier increases its breadth of clients, the relationship you’ve built over time will solidify your place at the top of their priorities list. (via SBA.gov)
Know your supplier’s delivery and billing policies like the back of your own hand. This is the best thing you can do to ensure that you find a supplier that you can maintain a positive and stress-free relationship with. When you are armed with this information, you can avoid any misunderstandings and de-escalate issues even in times when problems do arise.
Tip: To further reduce any friction or miscommunication, it is a good idea to ask for samples of products. Especially if you plan on ordering large amounts of an item. This technique would require further out planning, however. This includes accounting for the time it would take for the sample to arrive and be examined, and accounting for the delivery and processing time of the remainder of the large batch. (via DHLguide)
3.Transparency when you are looking to find a supplier:
Your supplier can be your closest business partner, and your relationship has to be strong and transparent. It’s in your interest to get a great deal on materials, so feel free to disclose relevant bits of your finances to secure necessary deals.
Tip: If sales aren’t going according to plan, an open dialogue could help you reduce liabilities by working out a deal to return all or at least a portion of the materials unsold and unused, and even securing a discount on future orders. Also, be sure to discuss future financial goals and changes in your customer base as well. (via Entrepreneur)
4.Take action With Powerlinx when you aim to find a supplier:
Now that you’ve got the tools, the first step in expanding your business when aiming to find a supplier is to create a Linx. Powerlinx’s matching algorithm makes this aspect of business expansion, in addition to many others, easy and effective. Here some examples of ways Powerlinx businesses have grown by partnering with new suppliers:
How will you grow your business today? Think big! While you focus on sales and customer acquisition, we’ll help you grow your business in ways you’ve never imagined. Click here to get started on Powerlinx.