You may have an incredibly innovative product or service on the market, and starting to turn a stable and healthy profit. If you’re fine with just making sure your business survives, then this is all you really need. However, if you want it to show any serious growth, you need to be constantly on the lookout for new ways to improve every little facet of your company. One of the ways you can do this is looking for opportunities to expand your database of suppliers, finding the best deals and the most professional, lucrative relationships. To make sure you hit the nail on the head, here’s a brief guide to sourcing new suppliers.
From Wikimedia
You may not have thought of it before, but looking into your nearest competitors can be a great way to source new suppliers. If you’re looking for a new supplier, then it may be time to carry out some (legal!) industrial espionage. Obviously, your major competitor isn’t going to be too friendly if you send their CEO an email and ask them who their suppliers are. The companies in your niche, whatever that may be, are probably going to keep all their professional contacts very close to their chests. You’re going to have to be a little crafty in finding out who they’re buying from. By searching for some of the higher-ups at the competitor’s company you had in mind, you may come across a testimonials page or review which links them to their supplier. Even a public social media post can end up giving away more information than the user intended. Another tactic is placing an order through them, and taking a closer look at the packaging. This may give you some clue as to who your competitors’ suppliers are. Once you’ve pinned it down, look into the supplier, then work on trying to find a better one!
Once you’ve shortlisted a few different suppliers, call them and ask them about what they can do for you. You should start by getting some information on their client database. This will make it easier for you to gauge their professional reputation, the range of different accounts they’re able to handle, and the prices you’ll be looking at. Take some of the names down from their database, and then do your own digging to gauge how well this supplier would match with your company. This should help you narrow your search down even more. The next step is asking even more questions! Don’t be afraid of stringing your prospects along slightly here. It’s a real buyer’s market at the moment, so you’ll be in more of a power position than them. To make absolutely sure you know what you’d be getting into, go into detail and ask about the products themselves. For example, if you’re looking for a vendor who you can buy supplies for laminators from, ask about their models and specifications, the discounts you could get by buying in bulk, and any new models which they’re going to stock in the near future. Settling on a new supplier is a big decision, so don’t rush into it before you know everything you want to.
From Wikimedia
One good way of talking to a wide range of suppliers is by going to a trade show. Just one day of walking around an expo and stopping at various stalls can open your eyes to countless new suppliers you never would have thought of. Even if you don’t find that perfect supplier, it’s still a great opportunity to network and find out about upcoming changes to your particular niche. Search for some expos in your local area, and make plans for attending the ones that are relevant to the gap you’re trying to fill. Just make sure you’re carrying out thorough research before you sign yourself up to one of these trade shows. Not all of them will be all that useful to you, and attending them can be a waste of valuable time. Look into the companies and people who will be exhibiting there. Who are they? What do they do within your industry? Will meeting with these professionals help your business further towards its specific targets? Don’t be afraid to branch out of your local area as well. Sure, a show which is just fifteen minutes from your office can be a promising and tempting prospect. However, there may be another expo three hours away which clashes with it, and could have contacts who will end up much more useful to your business in the long run. As one final note for expos, be fairly selective about who you give your business cards to. You may think that flinging them out at random is the best way to gain exposure. Sure, more people will know who you are, but you may spend the following Monday wasting time by saying “no” to sales calls.
Finally, don’t neglect LinkedIn. In my opinion, and the opinions of many successful entrepreneurs, LinkedIn is the best thing to happen to business since the steam engine. You may have spoken to some people who have had mixed experiences. However, if it’s used correctly, LinkedIn can be an exceedingly useful tool for establishing and maintaining B2B relationships. If you’ve been putting this off, thinking that it’s only for individual employees, then you’ve got a lot to learn! Sign up, craft a profile that accurately represents your business, and then start using the platform to expand your professional network. In just a few minutes, you’ll be able to stake out your competitors, liaise with new suppliers, and network with individuals who could become valuable partners. LinkedIn will also allow you to position yourself as an authority in your industry, through the use of groups and its own blogging platform. Your profile won’t be perfect overnight, but having a presence on LinkedIn will make finding suppliers so much easier.
I hope this post has taken you a step or two further towards your perfect supplier. Suppliers can have a massive impact on your bottom line, so don’t brush over choosing one!
This article was provided by ellie jo