A supplier is a person or business that provides a service to your business. Finding a reliable well priced one can be difficult.
When choosing your supplier you need to be thinking about a few key points;
- Their prices and the way they quote you those prices.
- The way you pay them i.e. on account, cash, cheque etc.
- Possible risk – late payment penalties or faulty and damaged products.
Ensure you receive a quality service
Whether you are receiving quotes on products from your builders merchants or your website designer you need to ensure you are getting the highest quality service.
Make sure you asses each supplier you chose to use meet your businesses requirements. Whether that be a fast turn around on in stock materials or a higher quality material on a longer lead time. This will effect your most important aspect of your business which is the customer. So you need to ensure what you are being supplied suits their needs as well as yours. This will also lead you on to being able to be competitive on your pricing.
Building good relationships are key
It pays to build good relationships with your suppliers. If you can save money and improve the service you will benefit from it.
Some good tips to build them relationships are;
- Meet your contacts in person. You can then gain a good understanding on how each other work.
- Ask about their offers. Will you receive some free materials when you spend a certain amount.
- Place your orders and pay on time. Your supplier will be more keen to help you if your reliable.
- Do they have a referral scheme? This is a good way of helping each other.
- Make your business valuable to your supplier.
Also always keep an eye out for new and up and coming suppliers. You may be able to get better quotes and prices elsewhere.
Review your suppliers performance
Its a good idea to review you suppliers performance at regular intervals. If you have a service level agreement in place this is a good piece of info to track their performance.
The questions to need to be asking yourself are;
- Pricing – are you getting competitive quotes?
- Quality – is the product up to your standards?
- Innovation – are you regularly informed on new products?
- Delivery – do the time frames work for you?
- Account management – are you satisfied with the speed of their responses?
Once you carry out your reviews and if you find your supplier is not living up to your standards you will need to ask for a meeting to review the points.
You’ll also need to review your own performance. As an example, failing to pay on time wont encourage them to keep their standards high.
At kwota we are here to help you with your pricing needs. Our super fast quoting software will help you get quotes out to your customer base at record time.
You can try us for FREE at www.kwota.co.uk