It’s a good idea to document the terms in a written contract to minimise disagreements about each party's rights and responsibilities. Now that you know which supplier you want to do business with, you can start to negotiate a contract with them. You can also search the Personal Property Securities Register (PPSR) to find out if the goods the supplier is selling are being used as security for a debt or other obligation. Supplier background – make sure you ask for a supplier’s references and check them.Local suppliers might be better if you need something quickly. Location – suppliers that are located further away might mean longer delivery times and extra freight costs.However a new supplier may be able to work with you to provide a better service, allowing you to grow your businesses together. An experienced supplier might be a better choice for your business, particularly if you want to have a long-term contract, or if they’re the only supplier of a certain item. Stability – find out how long the supplier has been in business for. However, you may be able to establish a closer relationship with a smaller supplier. Size of supplier – large suppliers generally have enough resources and systems in place to make sure they can still deliver on time if anything goes wrong.Reliability – can the supplier deliver the right goods or services on time?.If you pass poor quality products on to your customers, or compromise on service because of your supplier, you’ll run the risk of damaging your business’s reputation. However, it’s equally important to remember that cheap doesn’t necessarily represent value for money. Price– affordability is important to consider as this can affect your bottom line.You can compare suppliers on the following factors: You need to determine which ones best fit your business. Your suppliers will provide different services, offerings and features. Once you have a list of potential suppliers, you’ll want to compare them.
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