Table of Contents
Choosing a supplier for your business isn’t a decision you should make lightly. The day-to-day running of your company relies on the reliability, quality and compatibility of the suppliers you choose.
Choosing suppliers for your business is more than paying a specialist to do a job for you, it’s a partnership that will either help your enterprise grow or serve as the bottleneck that holds your business back. If you’re wondering how to choose the right supplier for your business, we’ve got you covered. To eliminate the hassle of finding the right supplier, you can rely on BSC to match you with vetted and reliable suppliers that can support you on your business journey.
In this article, we’ll cover the key factors a business should consider when choosing a supplier. With this insight, you can build strong working relationships that you can rely on to propel your company to new heights.
The art of selecting suppliers for your business needs
Taking the time to choose the right suppliers for your business needs can ensure your business partners align with your business’ goals and culture.
Your suppliers must be…
The right fit: Assess whether the supplier aligns with your vision for your business and your overall business strategy. Are they easy to communicate with? Do they understand your business’ goals and how they’ll help you achieve them? Make sure their offerings and experience align with your plans.
Reliable: A great way to judge a supplier’s track record is through testing their products and reading their reviews. Reliability is crucial to ensure you can trust a supplier to show up when you need them to. If someone in your network has used the supplier in the past, ask them about their experience and if they’d recommend them. You can rest assured that all the suppliers in our marketplace are vetted, so you can trust your decision.
Have capacity: Make sure the supplier can meet your business’ current demands. Should you go through a busy period, for example, you need to be able to rely on your suppliers when you need them most.
Financially stable: Consider the financial stability of the supplier. Make sure they’re well established and secure in their own business, so you’re less likely to encounter any difficulties.
Considering the above will allow you to make informed decisions around your choice of suppliers so you can establish a partnership that meets the current needs of your business and can adapt to any changes that may occur down the road.
Factors a business should consider when choosing a supplier
You’re placing a lot of trust in your suppliers to support your business and contribute to its success. Wondering how to choose the right supplier for your business? We’ve put together a list of factors to consider so you can make the right choice.
Quality of services
Be sure to evaluate the quality, specifications and standards of the products and services offered by a potential supplier. Your suppliers must deliver the quality they promise they will - after all, poor quality will reflect badly on your business, not your suppliers. It’s also important to check that potential suppliers adhere to the necessary industry standards and have any relevant certifications they require.
Reliability and reputation
Just as your customers rely on you for your quality service, products and reputation, the same can be said for what you should expect from your suppliers. While suppliers may claim to offer a high-quality service, they must live up to these expectations. Be sure to check their reviews, testimonials and references to get a sense of their reputation within the industry.
Communication and responsiveness
Your suppliers will need to deliver their services on time, as this can majorly impact the delivery of your own services. Should they run into any obstacles that affect their delivery, they should inform you of delays in plenty of time. The best suppliers are those that keep you informed, respond to your messages promptly and are easy to communicate with. A supplier’s communication could be the deciding factor when choosing between a local or international supplier, as you may prefer to operate in the same time zone as them, for example.
Sustainability
If keeping your business’ environmental impact to a minimum is important to you, you may choose to assess your potential supplier’s commitment to sustainability. Ask them what they’re doing to lower their carbon footprint, and if they use sustainable materials, for example.
Steps to choose the right supplier
Once you’ve decided on your priorities and what matters most to you in a supplier, it’s time to choose the right one for your business’ needs. We’ve put together the below step-by-step guide so you can find a supplier that ticks all the boxes.
Define your requirements: Make sure you know exactly what you’re looking for in a supplier and how they’ll help you grow your business. You may find it useful to put together a ‘dos and don’ts’ list to narrow down your choices.
Identify potential suppliers: Next, you’ll need to get to work on finding suppliers. To save you time and hassle, BSC’s marketplace lists a variety of vetted and reliable suppliers that are sure to meet your needs.
Ensure compliance: Make sure your potential suppliers adhere to any compliance requirements, such as health and safety or other industry standards.
Negotiate where you can: The key to negotiation is research. Shop around and compare the prices of different suppliers to ensure you’re getting the best value for money.
Another key contributor to successful negotiation is building a strong collaborative relationship with your suppliers. This can ensure mutual respect and trust, which can help you negotiate effectively.
Seek references: To verify the quality of the supplier’s services, you may choose to seek references from them and check their reviews for other businesses’ experiences.
Review contracts: Make sure you read any contracts thoroughly before signing.
Make an informed decision: Ensure that you’re completely satisfied with your choice and that the supplier meets your expectations, understands your business’ goals and is easy to communicate with. Once you’ve made an informed decision, you’ll soon reap the rewards of a strong supplier relationship.
To conclude…
Finding the right supplier can be just what you need to boost and maintain business growth. Soon enough, your suppliers will serve as an extension of your team - there to support you as you navigate the business world.
Finding a supplier that ticks all the boxes shouldn’t be hard work. Why not browse the BSC marketplace? Regardless of your industry or experience, you’re sure to find what you’re looking for, or didn’t know you needed, all on one platform.