Vendors/suppliers are essential to your startup and business good health and growth. They help your product to be driven by cost and performance. They are backbone of your product and that’s why we must give attention to details before finalizing one of most important aspect of your startup.
Let’s find the ways suppliers can impact your company.
Quality: It adds value to your product. Higher quality increases customer satisfaction and decreases returns, which adds cash to your bottom line. It can bring negative or positive affect on your product.
Timeliness: Timely deliveries are very crucial to view your reliability. A quick turnaround is the key to minimizing your inventory, which in turn translates to less risk of inventory obsolescence and lower cash needs.
Competitiveness: They can help you to find the best pricing, quality, reliability, technological breakthroughs and knowledge of industry trends.
Product Innovation: They live their product more than we do; they are working to be the cutting edge of innovation. Their knowledge and guidance can make major contribution to our new product development.
Finance: If you are a loyal and paying customer, you have the source of additional financing once you are set to fly high. It improves your cash position.
Additional values if added brings momentum for startups…
Infrastructure: Confused??? Yes, It matters. Location, Emergency Set up, Customer Service, and Transportation Availability.
Core Values: Ready to learn and to accept the standard and values of a startup and can carry forward it. It also includes preparing #sop, Metrics to Measure the #vendor Performance and time to time ongoing values adding to your startup.
- Environment: Everything from curbing pollution.
- Ethical Labor Practices: Ensure that they are not operating any sweatshops or violating ethical labor practices.
Hope, you will be able to find the best supplier.
Well, have found one more interesting article. How to Find Product Sources
Hope you will enjoy it!