Scaling your business and turning a huge profit is the reason you started out in the first place, right? We’ve already talked about the first S of scaling, ie Strategizing. Let’s take a look at the next one…Sourcing!
Sourcing proper resources for your business is essential not only for profitability but also for company reputation and customer satisfaction.
If you’re confused and wondering where to start finding your suppliers, you are not alone. Sourcing may seem like a daunting task at first, but with the right approach, you’ll be able to make the right decisions.
It’s important to consider all the factors before you narrow down on your suppliers. Backtracking later may prove to be tedious and costly. Having said that, having a shortlist of best possible options lets you switch to another if one doesn’t work out.
Identifying & Surveying All The Suppliers In The Market
Research is perhaps the most important step in securing procurement for your business. All factors that matter most to your vision for the business need to be considered before making a choice.
Most credible suppliers have a digital presence that may be easily verified. Word-of- mouth research is reliable too in most cases. Personally visiting the offices of potential suppliers may be found most reassuring. You wouldn’t want the incompetence of others ruining your business’ chances of success.
Selecting & Securing A Supplier
Once you’re through with your research, you can move on to the next step- choosing ‘the one’. From your shortlist, try and strike a deal with one who’s open to negotiation and is willing to offer you the best prices. This is especially important if you’re working on a tight budget.
After narrowing down on a vendor, make sure to establish payment terms right at the outset to avoid confusion later on. Always have a written contract in place stating all the terms, so that the vendor cannot hold you accountable for any sort of miscommunication.
At the same time, also decide on delivery models and expectations with respect to the lead time. You wouldn’t want to keep a customer waiting uncertainly when your supplies are not due for another few days.
It may seem tempting to do all of the work related to the venture you’ve built from scratch yourself. But if you have your hands full with the other aspects of your business, you can always outsource! You can find a freelancer like me providing top-quality virtual assistant services. I’ve helped many small business owners from different industries take their business to higher heights. Let’s schedule a consultation! I can take it from there and help you find the best suppliers for your business.