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How can you reduce your reliance on a single supplier?

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If you run a small business, you know how important it is to have reliable suppliers for your products or services. But what if you depend too much on a single supplier, and they suddenly raise their prices, lower their quality, or stop delivering altogether? You could face serious risks to your cash flow, reputation, and customer satisfaction. That's why you need to reduce your reliance on a single supplier and diversify your sourcing options. Here are some tips on how to do that.

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Meredith Messenger, M.S.

15+ years building sales and operations systems that accomplish big things for mission-driven businesses. Sharing what…

1 Identify your key suppliers

The first step is to identify which suppliers are critical to your business, and how much you rely on them. You can use criteria such as the percentage of your purchases, the uniqueness of their products or services, the availability of alternatives, and the impact of their performance on your operations. This will help you prioritize your efforts and focus on the most vulnerable areas of your supply chain.

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Meredith Messenger, M.S.

15+ years building sales and operations systems that accomplish big things for mission-driven businesses. Sharing what I learn with 8,000+.
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Identify alternative suppliers or build partnerships with multiple suppliers for key resources. It enhances your resilience in the face of supplier disruptions.

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Armos Velney

Operations Assistant | SAP ERP & Procurement Specialist | Supporting Project Management
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Some ways to get started. 1. Understand which vendor/supplier your organization gains the most profits from. 2. Weed out the vendors that are cash cows. 3. Carefully monitor unit sales and break it down to detail on what organization it is coming from.

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Sherif Sabry

?? LinkedIn Top 1% Customer Service Voice and Expert | B2B Marketing and Sales Professional Manager | Chemicals Import and Export Specialist (MEA)
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Engage with multiple suppliers for the same components or materials. This approach can prevent disruptions if one supplier fails to deliver. Develop relationships with local suppliers to reduce dependency on overseas suppliers, which can be vulnerable to global events and longer lead times.

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2 Negotiate better terms

Once you know who your key suppliers are, you can try to negotiate better terms with them. This could include asking for discounts, longer payment periods, flexible delivery schedules, or quality guarantees. You can also leverage your relationship, loyalty, or volume to get more favorable conditions. However, be careful not to push too hard or damage the trust between you and your supplier. You want to maintain a win-win situation, not create a conflict.

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Meredith Messenger, M.S.

15+ years building sales and operations systems that accomplish big things for mission-driven businesses. Sharing what I learn with 8,000+.
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Track metrics such as on-time delivery, quality, responsiveness, and adherence to agreements. Share these with suppliers to drive continuous improvement.

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3 Find alternative suppliers

Another way to reduce your reliance on a single supplier is to find alternative suppliers who can offer similar or complementary products or services. You can research the market, ask for referrals, attend trade shows, or use online platforms to find potential candidates. You can then compare their prices, quality, availability, and reputation, and test their products or services before making a decision. You don't have to switch completely to a new supplier, but you can use them as a backup option or a bargaining tool.

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Stephanie Fontaine

Connecting women-owned businesses to large supply chain buyers ?? Follow me for tips and resources
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Having worked in large supply chains, I know the risks of relying on one supplier: disruptions, disappointments and ultimately an impact on revenue. For small businesses it's not practical or economical to split purchases but owners can mitigate the risk of sole supply by building their network and ensuring that when the need arises they are not left to find an alternative by Google search. Here's how: 1. Talk to industry peers and ask them who they use to supply XYZ then ask them to do a #LinkedIn introduction. 2. Join strategic B2B communities of suppliers where finding a product or service can be done quickly through vetted search. Supplier diversity communities are ideal for this. My point -> Make suppliers part of your network!

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4 Diversify your product range

You can also reduce your reliance on a single supplier by diversifying your product range. This means offering different types of products or services that appeal to different segments of your market, or that can be sourced from different suppliers. This way, you can reduce the impact of a supply disruption on your sales and profits, and increase your competitive advantage. You can also explore new opportunities, markets, or niches that can boost your growth.

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5 Build your inventory

Another strategy to reduce your reliance on a single supplier is to build your inventory. This means stocking up on enough products or materials to cover your expected demand for a certain period of time, or to cope with unexpected events. This can help you avoid shortages, delays, or price fluctuations that could affect your business. However, you have to balance the benefits of having more inventory with the costs of storing, managing, and maintaining it.

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6 Review your suppliers regularly

Finally, you need to review your suppliers regularly and monitor their performance, quality, and reliability. You can use metrics such as delivery time, defect rate, customer feedback, or compliance with standards to evaluate them. You can also communicate with them frequently and provide feedback, suggestions, or recognition. This will help you maintain a good relationship, identify any issues, and resolve them quickly. You can also adjust your sourcing strategy according to the changing market conditions and your business needs.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sherif Sabry

?? LinkedIn Top 1% Customer Service Voice and Expert | B2B Marketing and Sales Professional Manager | Chemicals Import and Export Specialist (MEA)
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Create joint ventures or partnerships with other companies to ensure steady supply and mitigate the risk of over-reliance on one supplier.

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How can you reduce your reliance on a single supplier?

1

2

3

4

5

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7

1 Identify your key suppliers

2 Negotiate better terms

3 Find alternative suppliers

4 Diversify your product range

5 Build your inventory

6 Review your suppliers regularly

7 Here’s what else to consider

Small Business

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How can you reduce your reliance on a single supplier?

1

2

3

4

5

6

7

1 Identify your key suppliers

2 Negotiate better terms

3 Find alternative suppliers

4 Diversify your product range

5 Build your inventory

6 Review your suppliers regularly

7 Here’s what else to consider

Small Business

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