You must choose a supplier that is right for your business. You need to work with a supplier that, for a start, has what you need or has access to it. Perhaps, most importantly, you need to work with a supplier that is financially and organizationally stable.
Organizational stability can be hard to judge, but financial stability is pretty straightforward. The reason stability is important is because, without it, you can’t count on your business supplier to be there when you need them.
In addition to stability and reliability, here are the seven traits of a good business supplier that industry experts agree you should look for.
1. Reliability
The first and most important part of this criteria is financial and organizational stability. After all, if your supplier collapses overnight, you don’t get your needs met. But, of course, reliability is something that can be measured cross-organizationally. Overall, it is about consistency. You need to know that you will receive what you need, when you need it, and in the way that you expect.
2. Quality Products
The second most important criterion is the quality of the products you receive. The quality of your equipment is an important part of your branding message. This is especially true in hospitality, but it holds across industries. Quality is not only about customer experience. It is about safety and public relations as well.
3. Value
Value is everything. Sure, you may get a serviceable product for a low price. But if it fails to meet your customer’s standards, is unappealing, does not perform, or is not durable, you will pay in the form of a loss of customer loyalty. Higher value doesn’t just mean a lower price, but a lower price and higher quality. It is the primary way in which companies maintain a competitive edge.
4. Service
Service is how responsive your supplier is to your needs and concerns. Do they process orders quickly? Do they remedy errors quickly? Do they answer your calls and messages quickly and to your satisfaction? The best way to check for this is in customer reviews.
5. Ethical
Are they ethical? That is, do they adhere to best business practices in a way that is meant to uphold honesty, integrity, and fairness? Of course, ethics in business can vary from ordinary right and wrong. It may be unclear whether a given practice is ethical. What’s important is that when they discover that a practice is unethical, they refrain from it thereafter.
6. Communication
When an order is delayed or may not adhere to your expectations, do they inform you? Do they return your messages in a quick and timely fashion? Are they responsive to your concerns?
7. Promotes Your Success
Finally, does the supplier run their day-to-day operations in a way that is designed to promote your success? Are they aware that the products you use reflect their brand authority? If you answered yes to these questions, then your supplier should be on the right track. A supplier that prioritizes your success understands the importance of providing high-quality products and reliable service.
