When it comes to selecting a supplier for your business, there are several key factors to consider. Cost, capacity, communication, and character are all important elements that should be taken into account. Cost is an obvious factor, but it's not the only one. Capacity, communication, and character are also essential components of a successful supplier-business relationship.
Cost is an important factor when selecting a supplier. The costs that a company considers include the cost of the service or product, the cost savings for the final result, the savings in time and labor, and the cost of not trusting the supplier and losing sleep because of it. It's important to remember that while cost plays an important role in all business transactions, choosing a supplier is much more complex than simply accepting the lowest offer. Capacity is another key factor when selecting a supplier. It's not just about physical capacity to do the job, but rather the history of the people who lead the effort.
Companies should look for suppliers with leaders who have vast knowledge of life and business, who treat people well and lead without fear. Communication is also an important factor when selecting a supplier. Companies should look for suppliers who communicate clearly, regularly and honestly. It's also important to respond to all communications within 24 hours or less to show customers that you care as much as they do. Finally, character is an essential factor when selecting a supplier. Companies should look for suppliers with leaders who have strong moral character.
Doing what's best for customers and employees will help protect your reputation and make you more attractive to potential customers. When selecting a supplier for your business, it's important to consider all four C's: cost, capacity, communication, and character. By taking these factors into account, you can ensure that you find the right supplier for your business needs.