Suppliers are often one of the essential parts of a company’s operations. After all, you wouldn’t be able to produce any products or services for your customers if you didn’t have them. That is why it is critical to find quality suppliers who can provide what you require at a reasonable price. But how do you know if they’re reliable? Here are some pointers on how to find reliable suppliers for your company.
Ask for Samples
Requesting samples is one of the best ways to determine whether a supplier is a good fit for your company. For example, if you want the supplier to supply you with 3m preferred converter tapes, you should request samples.
This way, you can see the quality of their work and how well they meet your requirements. You should also request a price quote to compare it to other market suppliers. If you are planning to order a lot of that product, you may be able to work out a discount for multiple orders over time.
Conduct Thorough Research on Them before Signing Anything
There are numerous reasons why it is always advisable to conduct extensive research on suppliers before entering into any contract with them. The first reason is that you may learn things about the suppliers that cause you to reconsider working with them. For example, if someone has an unresolved dispute with a former client or has been bankrupt, it’s beneficial for you to not prioritize those suppliers. Look for industry or business-specific websites, where people can leave reviews of companies or products.
Check Their Credentials
You want to make sure they’ve been in the industry long enough and they have enough skills to meet your standards. They should also have a flawless track record with previous customers. Looking up reviews online, especially on sites like Yelp or Angie’s List, is one of the best ways to do this. Also, check if they have accreditations or awards. This is likely a sign they are a trustworthy business to work with.
Look into Their History of Delivering What They Promised
Please make a point of gathering testimonials and endorsements from customers who can vouch for them. If no testimonials are available online or through the Better Business Bureau, the supplier is hiding something, and you should avoid them.
Ask About Their Quality Assurance Policies
Find out what kind of warranty or guarantee they provide, as well as their return policy. If they cannot clearly explain these to you, consider this a red flag. None of these are usually complicated for anyone who has been in the business for a long enough time. Check in the reviews you read if they honor returns, or at least give you credit for a new product.
Get a Written Agreement
It is critical to have a written agreement and a contract with your suppliers. This allows you to document all the details of your business relationship, which is especially useful if there are later disagreements or discrepancies. It also makes it easier for both parties to resolve any future issues because you documented everything agreed upon from the beginning. Make sure to have a legal expert go over any contract you make, so there are no hidden clauses.
Reliability
One of the most important factors to consider is their dependability when selecting suppliers. They should, for example, be committed to delivering high-quality products and services on time. They should also be honest in all of their business dealings with you so that you can put your trust in them. With a new vendor, give them a trial period of a few months, and if you notice issues with their dependability, find an alternative source for supplies.
After all, how can you have faith in them if you can’t trust them to meet their deadlines? Unreliable suppliers will only cause more problems for your company, in the long run, so avoid them at all costs.
Stability
This is especially essential if your company relies on them for a consistent supply of goods and services. For example, if you are a manufacturer, you would not want to work with a supplier who is constantly going out of business. This is due to the difficulty of finding another supplier who can meet your needs on time. This will depend on your industry, as some areas are more stable than others. If the company has a history of issues with supplying goods, you probably shouldn’t work with them.
Reputation
If they have a good reputation, most people choose them because they are well-respected and dependable. On the other hand, there are complaints from previous customers, which could indicate that there is something fishy going on beneath the surface. Read multiple reviews from past companies they have worked with, to have a better idea of their reputation. By selecting suppliers with a good reputation in the industry, you can easily avoid unwanted headaches or concerns.
Proximity
When looking for suppliers, another factor to consider is their geographical location. When it comes down to it, you want your supplier to be as close to you as possible so that you can easily communicate with them about any problems that arise. Another factor to consider is the transportation time. If a supplier is across the country, but there is a competitor in the same state as you, likely the shipping costs will outweigh a cheaper supply cost. The last thing you want is to wait days for an email response from someone across the country, which will only add to your problems.
Bottom Line
Selecting suitable suppliers for your company can be a difficult task. However, keeping the above-mentioned factors in mind will make the process much easier. You can be confident that you are making a wise decision that will benefit your company for years to come if you do your research and ask the right questions. However, it is still advisable to consult with an experienced lawyer before signing anything to avoid future legal complications.
