Your suppliers are key to the success of your business. The right supplier will get you the products you need in a timely manner at an affordable price. The wrong supplier will overcharge you or just not deliver what you need, putting your own business a risk.  So how can you tell if a new supplier will be a joy or a disaster? Here are three tips.

Tip # 1: Shop around. Even if you are leaning towards one supplier, make sure you check all your options. Get quotes from multiple suppliers, and balance pricing, quality, reliability and experience when making your decision.

Tip # 2: Do your research. How long has the supplier been in business? Who are their other clients? What is their reputation? The more you know about the supplier the less likely you are to be unpleasantly surprised.

Tip # 3: Work with multiple suppliers. By getting supplies from more than one company, you can keep up to date on competitive prices and continue to negotiate profitable deals. You’ll also have a back-up in case one of your suppliers is unable to deliver, or if your requirements change. (Click here for our Inventory Management Worksheet).

What do you think of these tips? How do you find the right supplier?