4 Ways to Successful Supplier Selection

About 96 percent of businesses fail in the first ten years, Inc. reports. Don’t want your organization to add to that statistic? Keeping your business competitive and relevant in the industry is a must. A key part of that is careful supplier selection. Here are a few steps to making that happen:

Make a list

Put together a list of everything you’ll need for your business. Then check out companies that can provide you with the supplies and packaging solutions you need—from containers to plastic pails. Once you have a pretty good list of prospects, you can start filtering the list down.

Consider reputation

One of the first things you’ll need to consider is the reputation of the supplier. Is it a good one? Do your research. Does the company have a litigation history? If there’s any news in the media about the company, is it good or bad ones?

Confirm delivery times

Don’t be fooled into falling for advertised delivery times. Ask about the actual delivery time. Advertised delivery times could be as short as 5 to 10 days but actual delivery times—exacerbated by weather conditions or customs regulations—could take twice that long or even more. Find out if that’s the case or not so you’ll be better placed to pick a better for your packaging supplies such as IBCs, plastic pails and more.

Check alignment

When it comes to supplier selection, you’ll want to pick a company that’s well aligned with your own organization’s vision and goals. Do you both believe in the importance of providing quality and on-time output? Do you both hold to sustainable trade practices? If the company isn’t aligned with your vision, practices and culture, then you’ll be better off finding a better supplier, one that your business can partner with.