Remember the video in which Tom was disappointed due to incomplete/damaged items from a supplier? That depicts the big importance of finding the right supplier for you. Here are some standards checklist that will help you identify if your supplier is the best one for you and would actually help you prosper and thrive in your business.
Ask the supplier to quote for different quantities and compare it with other potential suppliers. You also need to make sure the quality’s right. Ask the supplier what’s their minimum order quantity. You may also ask them the following questions to assess if they are the right supplier that would cater to your needs.
- How long would it take from the time and date the order is issued until they actually deliver it?
- For the payment terms, Will they give you credit, and if so how much? How many days would they give you to pay their invoice?
- Do they allow refunds or return items?
Bear in mind that depending on your type of business and your specific circumstances, you may consider having several suppliers to keep the system run smoothly and with no delays and also so that there would be no complacency on their end. Just make sure to assess your prospect suppliers before closing a deal and contract.
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