Whether you’re in the business of reselling products to your specific market or you’re a manufacturer who needs to work with high-quality materials, your supply chain is going to be a crucial part of your business’s success.
As such, you’re going to need to find suppliers that you can rely on, trust, and have a cost-effective partnership with. Here, we’re going to look at what you should be looking for when looking for a supplier.
Do they provide the expertise you need?
Quality issues in any of your products can often be traced back to your supply chain. They’re likely to happen with all kinds of products and materials, but you want to make sure that each partner has the expertise they need to fix those issues once they’re identified.
Not only does this mean they can reduce loss in manufacturing by reacting to problems, but that they’re more likely to spot them proactively and fix them before they affect you too deeply, too.
Regulatory compliance is mandatory
When you work with any supplier, you want to make sure that they meet the regulatory compliance that you need to be able to sell what they provide. To that end, you should look at what certifications they have. Get used to the different certifications and association memberships that apply to each industry, so you know which mark of quality you should be looking for. If they don’t have it, you should keep looking.
How transparent are they?
Your chosen suppliers need to keep you in the loop at all times. They need to provide data on when you can expect the resources you need, and even help you track them when you make an order. Furthermore, if they expect any disruptions in their own supply chain, then they should let you know as soon as possible. Disruptions can happen to any business, it’s not always a sign of unreliability. However, failing to let you know until the last moment certainly is.
Know where you can get the best deal
When you’re looking at cost-effectiveness, location is going to be one of the biggest factors to consider. Globally, you need to look at the best markets to import from. If you’re in the food industry, you need to know the top countries for salt production. Otherwise, you need to look at manufacturing and transport links available between you and suppliers to factor in the costs of getting the goods from them to you, too.
Can they provide enough?
Lastly, it’s a simple enough question, but are they are able to keep up with your supply demands? Can they provide what you need to keep your own product supply going? Furthermore, if you end up scaling your business in the near future, can they keep up?
Remember that it’s important to build healthy long-term relationships with your suppliers. This might mean paying a little more on your end to begin with to get a solid and stable supply chain running, but it can help you decrease costs when they see the long-term gain for all sides.