What should I look for when choosing a product supplier?
When choosing a supplier, research their reputation, product quality, shipping times, prices, and customer service. Read reviews and request references to ensure they are reliable and meet your business needs.
How can I negotiate better rates with suppliers?
Leverage competition by getting quotes from multiple suppliers. Offer increased volume or exclusive partnerships in exchange for better rates. Be flexible on terms that matter less to you. Maintain positive ongoing supplier relationships.
What steps should I take after choosing a supplier?
After choosing a supplier, finalize contract terms, calculate shipping times, review inventory management procedures, place orders, and provide feedback regularly to maintain a good relationship.
What are the risks of having only one product supplier?
Relying on a single supplier carries risks like production delays, poor quality control, lack of availability during high demand, and lack of leverage in price negotiations. Having multiple suppliers provides more flexibility and mitigates these risks.
How can I make sure my supplier ships products on time?
Discuss expected production and transit times with suppliers upfront. Build delivery timelines into contracts, including penalties for late shipments. Closely monitor order status and be proactive with suppliers about any potential shipping delays.
