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3 Best Ways to Find Suppliers for Your Small Business

To grow a successful business, you have to develop strong relationships with reliable suppliers that can provide competitive prices and prompt service. Whenever a supplier fails to deliver on time or miscalculates your orders, your business suffers.

3 Best Ways to Find Suppliers for Your Small Business

Moreover, whenever a supplier isn’t able to meet your expectations, you also fail to meet customer expectations as a result. Therefore, it’s essential to find suppliers that you can trust and that show a willingness to provide excellent services and to find solutions when an issue arises.

Read on to discover a few crucial tips that will help you find suppliers for your small business.

Get Familiar with the Market

Before being able to tell whether a supplier offers competitive prices, you have to get familiar with the market and check the typical price range.

Some suppliers include many services in their offer so their asking price is higher than average, whereas others provide a basic service at a low price but ask you to pay extra for any additional feature. So, choosing the lowest offer doesn’t always mean that you will save money.

Check what exactly dictates pricing. For example, you may discover that the same diesel supplier has fluctuating prices for red diesel. But there are many reasons why red diesel prices change so often, so analyze everything that goes into setting prices and find suppliers that can offer you an attractive deal.

The more you understand a market, the easier it is to make good deals.

Ask for Quotes

After getting familiar with the market, start comparing offers and compile a list of possible suppliers. Don’t confine yourself to your local area; many suppliers offer international or nationwide delivery.

Working with suppliers outside your local area can offer many benefits and give you access to supplies that are more expensive or difficult to source locally.

After making a list of potential suppliers, get in contact and ask for quotes or proposals. Even if they have this information on their website or promotional brochure, many suppliers are willing to give you a personalized offer upon learning more about your business and your specific needs.

To ask for proposals, you can use the TEC’s ERP templates guide to prepare a comprehensive request for proposal that includes all the relevant information and services needed from the supplier. It ensures you get the most competitive prices for your specific needs.

Ask for a complete list of prices, available discounts, delivery policy, and all details that are relevant to your business.

Analyze Suppliers’ Communication Style

Efficient communication is essential in the business world. Suppliers should always be prompt and helpful when communicating with you.

Working with an uncooperative supplier can create a chain of problems and a lot of frustration. Ask for customer references and contact the customers to find additional information about the supplier’s performance and communication style.

Effective business communication saves you time. As a business owner, you already encounter many stressful situations, so you don’t want to work with suppliers that cause you additional stress by being hard to reach or vague in expressing their terms or conditions.

Whenever you get similar offers from suppliers, select the supplier who seems more cooperative.

Have a clear image of your business needs and find reliable, prompt, and cost-effective suppliers that can help you grow a successful business. Ask for timeliness, consistency and offer the same in exchange.

These are the main three ways on how you can effectively find a suitable supplier for your small business.


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