If you run a company that regularly requires the use of a third-party supplier, then you might be wondering how you can find the best value for money. It doesn’t matter if you’re running a hairdressers, a bakery or even an office–you need to keep in mind the value proposition when supplying your business.

However, finding the “best” supplier is often more than a question of price. It’s about the level of service you get, the reliability of their service and also the relationship that you foster. There are many ways to find the right suppliers for your business, and here are a couple of tips to help make that process easier.

Speak with businesses that are willing to negotiate

There should never be a set price on anything especially if you’re planning on buying in bulk. Things should always be negotiable, but if you do find a business willing to discuss payment plans or discounts, then try and build a healthy working relationship with them. If you’re able to find businesses that want to talk instead of just stick to the same pricing structure, then it means they’re willing to invest their money, effort and money into growing a business relationship with you. This is admirable and the opportunity shouldn’t be passed up.

Reaching out to multiple suppliers

One of the most devastating things that could happen to a business is to run out of supplies because their supplier no longer exists or no longer supplies something crucial they need. In cases like this, you’ll need to look for other suppliers and the race to equip your business with all the right equipment and tools will cause mayhem. If you’re unlucky, then it will also cause your own business to slow to a crawl as you recuperate and try to find a new supplier. To remedy this, you’ll need to reach out to multiple suppliers.

Always consider local over global or national

Local businesses are usually always better to contact as opposed to national or global businesses. For instance, if you’re a construction company or work in carpentry, then a local timber supplier such as George Hill Timber is far better than hiring a company overseas. While the costs may be slightly higher at a local business, it’s much easier to see the product yourself, to see how it’s collected or manufactured and it also means faster delivery times.

Some final words

Finding the right supplier is always a challenge. It’s a time-consuming process that involves a lot of trial and error and communication with different businesses, but if you’re willing to pour in some effort then it can save your business a lot of money in the future. The relationships you create with other businesses are important and you need to use your network of contacts if you want to be a successful company.