How To Choose The Right Supplier

When choosing a supplier, there are a lot of requirements specific for your business that you will need to factor in, and universal qualities that will need to be present in any company you decide to trust in facilitating your business. Depending on your product(s), you will need to weigh up the pros and cons of every supplier you research and decide whether it is beneficial to trade with a generalised supplier or one that specialises in a particular product. Below are some factors you will want to consider when choosing a supplier, and why a specialized company may be more advantageous.
Product Knowledge
It is important for your supplier to have an extensive knowledge of the product they are trading with you as they will be able to give you advice, easily answer any questions you may have and can pass that knowledge on to you and your employees. This can also mean the potential expansion of your market as they can recommend products that compliment your main niche, increasing your average customer spend and overall profit. For example, a supplier like Global Foods specialises in dates and date paste, so if your business is part of the whole foods market, or expanding into the vegetarian and vegan food market it is good to have access to a fountain of knowledge about this particular area that a specialist vendor will no doubt have. You don’t take your Rolls-Royce to a garage around the corner for a service; you would take it to a specialist dealership. Is your business a Rolls Royce?  Even though a generalised supplier may be easier to deal with – especially if your business covers a wide market – the knowledge they have of their product and the service you receive is only going to benefit you.
Relationship
Many businesses may find trading with one supplier favourable, as it will build up a good relationship. However, seeking a specialized distributor could gain you more respect within your field. You only deal with the best, meaning you only sell the best, gaining your business trust, reliability and an industry competitive edge. You may need to source more than one specialist if you have a wide range market, but if you continue to trade with however many over a prolonged period of time, your relationship will continue to build. This will mean you can negotiate and receive better deals across the board while maintaining the quality and knowledge you have already gained by deciding to go specialist in the first place.
Reliability and Efficiency
This point goes for whichever type of supplier you choose, be it general or specialized – they must have good communication, a strong business ethic, and an organised order process. On top of everything that comes with running a business, you do not want to have to chase your supplier for a delivery that hasn’t turned up on time. You want a supplier that is easy to contact, has a trustworthy courier and sticks to deadlines. Stock that arrives late or broken, and then having to wait for the supplier to get back to you, will only make your business look inefficient and damage your reputation if it affects your customer service.
Hopefully, this has given you some food for thought on how best to choose a supplier that will suit you and your business perfectly.