Selecting a Vendor: Tips

  • July 8, 2013
  • Andy Vanderhoff

It goes without saying that your business is successful thanks to the multitude of vendors you work with every day: your Internet Service Provider, website developer, phone guy, copy guy, etc. The list goes on and on. It also goes without saying that eventually one of these services will go wrong, causing you to spend valuable time calling and managing these vendors when you should be managing your business. Here are some helpful tips in selecting a vendor:

1. Years in business

2. Ability to constantly supply products or services

3. Ability to supply all the products required by the contract

4. Flexibility to allow changes in orders or product lines

5. Substantial catalogue of products or range of services

6. Customer service: what is the availability of ordering and help staff?

7. Financial stability

8. Competitive Pricing

9. Delivery times

10. Terms of business: payment terms are important as they impact upon your cash flow