Tips for finding suppliers

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Having excellent working relationships with suppliers, both of products and services, is a fundamental element for the optimal development of our business.

If you have an online store, a retail company, or a large transnational or simply a business that operates with traditional ” supply and demand” If you are a company with a large number of employees, you will know how important it is to attract and manage suppliers.

Fluidity in communication, professional treatment, compliance with our duties and obligations to them; is the key to maintaining them. But, what are the steps to look for suppliers? That is what our post is about today

Table of Contents

Why look for suppliers?

It would be a mistake to think that a solid business could stay afloat with just one supplier.

Beyond the work experience and reliability that this one offers us; the dependence on a single supplier can lead us to make important mistakes and even affect our economic activities, in the case that this one breaks or terminates definitively our contract.

That is why, however comfortable you feel, it is important to always explore new options. In addition, exchanging with various suppliers can be useful to know the market prices, and even generate competition between them.

This benefits you when selecting the most economic and profitable offer for your commercial purposes.

In addition, working with several suppliers allows you to diversify the options of goods and services you offer to your customers, improve their quality and even, in some cases, lower their costs.

You can also read  What is a break in stock?

It is important that you are clear about the difference between suppliers and manufacturers so that your search is not in vain.

Suppliers are those who provide the good or service and manufacturers who produce it. It can be the case, of course, that a company is a manufacturer, a packer, a distributor and a dealer.

But it’s worth the difference. Why? Because, for example, the supplier would not be able to respond to manufacturing defects in a certain product.

The supplier search process

Define what you want and need for your company, what your market sector is and your value proposition.

Once this point has been defined, your search begins.

Where to search?

On the Internet there are many pages with directories and company listings.

Another important space for attracting suppliers may be professional fairs and exhibition events. This is the ideal place not only to meet new contacts, but also to discover the range of products and services they offer in person.

Be selective

Once those of interest have been identified, the selection process begins.

Research their professional career, what their references are, who their clients are, what their logistics and infrastructure is like, etc.

Once this has been assessed, focus on how strategic your alliance with this supplier can be for the development of your company.

If this article helped you, we invite you to learn about INNOVADELUXE’s supplier and manufacturer management features. It will be very helpful to you.

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