There are a lot of important factors that go into building a successful business, but one of the most important is the verified suppliers you use to get your actual products out. Choosing the right sourcing suppliers can make or break your business, so if you’re in the process of finding the perfect supplier for your needs, here are some things to consider.
Specific Criteria
Make sure you have certain criteria in your mind as you start exploring the different supplier options. This list of must-haves can make it easier to weed out companies that won’t meet you or your customers’ needs. Consider factors such as the length of time it will take after an order for the product to actually be delivered and what the minimum and maximum order quantities will be. If you have a specific delivery method you want to employ or specific ideas on how the storage and handling facilities are run, keep that in mind as well. You’ll also want to think about return policies as well as the payment terms and conditions of every order. There’s plenty of suppliers who will be able to meet your criteria, so don’t compromise on any of them you feel are essential.
Compare Bids
It’s not difficult to get numerous bids for suppliers online. However, make sure you get a bid that includes important factors that you set as your search criteria, such as quantities, delivery dates, and quality standards. The overall price for bids may vary substantially, so it’s important to remember that price isn’t everything. Unhappy customers can cost you greatly, so look at the specifics of the bid to determine how quickly orders can be fulfilled and with what quality. If raw materials are involved, make sure you ask bidders for detailed information about their processes and the stability of these materials so that you can avoid problems down the road.
Examine Quality
Quality is just as important as how quickly products can be supplied. The supplier you choose should have a detailed quality control process and regular performance reviews. Lower prices won’t mean anything to the customer if the product is substandard, so to build and keep a good reputation, start with a supplier that can offer a quality product. Otherwise, you many have a difficult time building your business even if you switch to a higher-quality product later on. In addition to having a quality product, monitor the supplier performance so that you can keep tabs on their end of the agreement.
Location
The location of the supplier is another important factor to consider. You’ll need to weigh the importance of faster shipping times against the prices you can charge for your products. International online suppliers can often offer better prices, so if you’re considering an international supplier, make sure you factor in shipping costs and delivery times to factor in how those costs will be passed onto you customers.
Convenient Options
Suppliers should be eager to make your partnership easy and comfortable. Look for a company that will be easy to connect with so that you can quickly get started on the collaboration process for new products. You’ll want a company that offers the latest technology, such as apps that make it easy for you to organize your products, get in touch with your supplier, and make sourcing an easy process. Check out TradeBeyond today to see what options are available for sourcing your product line.