How to find business suppliers and wholesalers
Finding reliable business suppliers and
wholesalers and negotiating the right purchase
price is just as important as your ability to attract
customers and sell - and that's before you consider issues
such as trading terms, delivery options and quality
control. Pick your business suppliers carefully and treat them
well. This guide shows you how:
- What to look for
- Where to find suppliers
- Managing the relationship
What to look for
Many start-ups choose suppliers based on price, but reliability
and speed are just as important - you'll need a supplier who can
deliver the right number of goods at the right time. Larger
suppliers can often be the most reliable as they have resources to
spend on back-up if necessary. Seek out suppliers who have been in
business for some time and have a solid reputation.
- Price, reliability and speed are important factors when
choosing suppliers
- Look for suppliers who have been in business for some time
- It is worth asking for a credit check
Where to find suppliers
Spend time on research and ask other businesses that have been
through the process for advice. Look through directories such as
Yellow Pages, check out trade associations and visit trade fairs.
Trade magazines often carry advertisements from potential
suppliers. Don't stick with just one supplier - it's worth having
an alternative to turn to if necessary.
- Approach other businesses and ask for their advice and
recommendations
- Use resources such as trade associations, exhibitions and
magazines
- Don't rely on one single supplier
Managing the relationship
Reviewing your suppliers' performance at regular intervals can
help you spot any areas for improvement. Check whether you are
getting the best price, quality and delivery options for your
business. There are times when you'll need to end the relationship,
however, so ensure there is an exit clause in contracts and plan
for any disruption to your business while you switch suppliers.
- Carry out supplier reviews on a regular basis
- An exit clause in contracts will help you to switch between
suppliers more easily
- Have a contingency plan in place if you switch suppliers to
minimise disruption to your business
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