Every business revolves around trading activities i.e. selling as well as buying. Whatever business you are dealing in, you would need to contact the vendors in order to be fully stocked to survive. However, being supplied by the wrong vendor might lead you towards difficult relationships with your customers, high prices and lowered customer value for your business.
Hence, it is indispensable to find out the authentic vendor for your business. The metrics for a ‘right’ vendor will vary from business to business. But a few metrics like location, price and product quality are of utmost importance to keep a check on.
If you are still facing any difficulty in looking for the right vendors, then these following pointers are for you:
1. Look for product-specific vendors: The ultimate consideration should be for the product you have to buy. Look for the vendor who deals specifically in the product you are looking for. The vendor has full knowledge of the product and is kind of expert in his dealings.
2. Consider Group Purchasing Organizations: It can be a great way to help in managing the problems of vendor’s relationships. Group Purchasing Organizations use the leveraging power of their numerous members to get the right products in the right price. If you’re looking to enlist an organization that will take the hassle out of procurement, consider using a Group Purchasing Organization to your advantage.
3. Account for size: For this you have to first analyse that what kind of vendor would work best for the needs of your company. Some vendors are comfortable in dealing with restricted operations while some vendors use to cater massive corporations. Look and evaluate the qualities that you want in your vendor.
4. Consider shipping methods: Further, you have to consider the main logistics for obtaining the goods or products. You don’t need a vendor who deals at a location which is far away from your business location, as this will increase your shipping cost in vain. So, wisely consider the shipping methods and choose the vendor who trades in a nearby location.
5. Do not fear negotiations: Remember those females who spends three hours in shopping instead of one hour just to bargain with the prices of the goods or products they buy in the market. No, you do not have to behave like them, but if you find a vendor is showing the wrong price, you must not fear negotiations. Try to negotiate and bring them onto the best price. That way you won’t be at loss.
Solidarity is no option. One has to survive in this world by doing trade with one another. Getting the right vendors to provide you the right products is a key step in positioning your company’s network for the success.