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Key Factors When Comparing Suppliers

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26 Nov. 2018. When you run a business of any kind, particularly one which is involved in products in some way, it is highly likely that you are going to deal with suppliers of some description. The quality of your suppliers can end up having a big impact on your business as a whole. Not only do the quality of the goods supplied matter by themselves, but the overall strength of the relationships can really help to improve your business and make things run more smoothly. There are certainly some key factors which are worth considering when you are comparing suppliers, and here are just a few of the main ones to add to your list.

Price

Obviously, the price has to be right when you are enlisting the business of a supplier. However, you should always bear in mind that the cheapest isn’t automatically the best. When you are first trying to open up a supplier relationship, you can get a number of different quotes before you find the one which is best for you. And even when you have an already established business relationship, this doesn’t mean that you can’t try to renegotiate the price from time to time or else try to get an alternative deal.

Reliability

A reliable supplier is invaluable and can save so much time in chasing them up wondering where the delivery is, sorting out wrong invoices etc. Before you enlist the services of a particular supplier, you could always find out more about them by asking for references or examples of other similar work that they have carried out. And when the relationship is in its early stages, you expect the reliability to be at its highest. It is unlikely to get any better than when they are first trying to impress you.

Catalogue/available products

When you run a scientific or technological business of some variety, it is highly likely that you will need very specialized products. Say you are looking for PTFE tubing, you should check whether the product is manufactured in-house or where it is supplied from. Some businesses may work with big brand names while others are more comfortable working with the smaller companies. Essentially, you want to know exactly what type of company you will be working with.

Stability and business continuity

When you start up a supplier relationship, you obviously want it to keep going for the longest possible time. The last thing that you need is for it to be potentially jeopardized by the business going under. Therefore, it is worth investigating the company in more detail to find out how long it has been running for, its turnover, and other essential information. A stable business relationship can certainly end up being a positive thing for your company.

Considering these four factors when comparing suppliers can help to make a significant difference in choosing the right business relationships which stand the test of time.

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