Some may think that choosing a supplier is merely a matter of comparing price lists – but this should only be one factor in the decision-making process and in fact, there are many other things to consider when choosing a supplier for your products.
Price is obviously a large factor but there should also be other considerations of quality, reliability, stability, and location when making this important choice.
Additionally, whilst exclusivity is sometimes a good thing and can build loyalty – to put all of your eggs in one basket can also be risky.
What if your chosen supplier lets you down or goes out of business?
Clearly, cost is a huge consideration and more so if you are a new business, trying to manage your finances – a competitively priced supplier is likely to look very attractive indeed!
It’s prudent to check the supplier’s credit history and ask other businesses for references.