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Tips for choosing the right supplier
Nov 26, 2021 by Kitty Wong
2021 is a year of global supply chain crisis. While we do hope the crisis will end as soon as possible, there are signs telling us that it will last for at least a few more months because the holiday season is coming. Since the outbreak of the pandemic, there have been challenges such as restrictions on trade, suppliers going out of business or a difficulty in accessing logistics services. And small businesses suffer most from the situation. So let's take a look at some key factors to be taken into consideration when choosing a reliable supplier for your business, and continue to deliver your commitments to customers amid the challenging times.
Here are 6 tips for you.
1. Service consistency
Perhaps the primary concern every business owner has when it comes to choosing a supplier is can they deliver on time, everytime? The supplier's deliveries need to be able to meet the customers orders or your business will lose out on potential income. Therefore always make sure that the supplier of your choice is capable of completing all your orders in a timely and consistent manner.
2. Risk
The element of risk plays a crucial role in every business decision, so why would you ignore it when it comes to choosing a supplier? Always do some research into your suppliers past business activities to make sure they are reliable. If they have been recommended by a friend or business partner, feel free to enquire about their track record with them so that you can have an accurate picture before committing to working with them. These measures lower the chance of partnering up with a supplier that could go out of business abruptly, leaving you high and dry.
- 3. Flexibility
- It is not uncommon for seasonal spikes in consumer demand to rapidly clear out your inventory. In such a scenario, having a fast and flexible supplier that can help you restock efficiently would be very handy. Consumers also associate businesses that are always in stock to be more dependable and are more likely to make repeat purchases and recommend them to others. Thus, keep supplier flexibility in mind when researching your suppliers. A flexible supplier will be able to procure what you need effectively without much hassle.
4. Price
The price charged is certainly the main factor that most small businesses will first look at when choosing their suppliers. However, it is not necessary that all suppliers provide the same level of service for the price, so it would be wise to judge the price of a supplier's services based on the perceived value of their performance. Once again this can be evaluated by their performance for other businesses or better yet you may consider doing some trial orders with them before fully committing to their services. You will find out a lot about whether the service meets your expectations and if the supplier is suitable for you.
5. Quality of goods
This is often an underlooked factor when choosing a supplier. The best way to understand the true impact of this factor is through an analogy: Imagine your customer receives a faulty product when they needed it the most, they will now associate your business with a bad experience. Even though it was the fault of your supplier, the blame will fall on you and your image will be tarnished. Therefore, it is important to certify that your suppliers provide goods that are well within the quality requirements of your business. On top of that, you should establish a return policy for any goods that are not up to standard with your supplier as well.
6. Communication
Last but certainly not the least on our list of considerations would be open communication. You and your supplier should be able to communicate problems, ideas and solutions effectively to smoothen and optimize the entire sourcing process. If it takes you hours to communicate your needs to your supplier and you feel like it is too much of a hassle, then that supplier is definitely not a good match for you. Sourcing should be an easy and hassle free process so that you can focus on running your business.
If you would like to experience such a hassle free environment every time you source, try Sourcy. We offer the best of both worlds with a cost effective and efficient sourcing solution for your business needs. No matter where you are based, we can deliver your orders at a low cost within 7 days. Find any faults, no worries! We offer a full refund on those items. So check out our extensive product catalogue today and take advantage of our exclusive discounts. If you cannot find something you want, simply try out our customized sourcing by uploading an image with a description and we will find your desired items within 2 days.
We look forward to sourcing for you!
Ready to source? Explore our extensive catalogue here, and don’t forget to send us a request if you want to source anything specific. We are ready to source for you.
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