What benefits can you gain from researching suppliers before selecting them?

1 Identify your requirements

Before you start looking for potential suppliers, you need to have a clear idea of what you are looking for. What are your goals, expectations, and criteria for choosing a supplier? What are the key factors that influence your decision, such as quality, price, delivery, reliability, sustainability, or innovation? How do you measure and compare these factors among different suppliers? By defining your requirements, you can narrow down your search and focus on the most relevant and suitable options.

2 Evaluate supplier capabilities

Once you have a shortlist of potential suppliers, you need to evaluate their capabilities and performance. How do they meet your requirements and standards? How do they handle orders, communication, and feedback? How do they deal with issues, complaints, and disputes? How do they ensure quality, safety, and compliance? How do they adapt to changing market conditions and customer demands? By evaluating supplier capabilities, you can assess their strengths and weaknesses, and identify any gaps or risks that need to be addressed.

4 Verify supplier credentials

Before you finalize your selection, you need to verify the credentials and reputation of your chosen supplier. How long have they been in business and what is their track record? What are their certifications and accreditations? What are their references and testimonials? What are their ratings and reviews? How do they handle social and environmental responsibility? By verifying supplier credentials, you can confirm their legitimacy and credibility, and avoid any fraud or misconduct.

6 Learn from supplier feedback

Finally, you need to learn from the feedback and insights that your supplier can provide. How do they help you improve your products or services? How do they suggest new ideas or opportunities? How do they share their expertise and knowledge? How do they alert you to any changes or trends in the market? How do they support your growth and development? By learning from supplier feedback, you can leverage their experience and perspective, and optimize your business performance.

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?