Nearly every company has suppliers. Whether it be the restaurant ordering glasses and plates, or software companies buying computers to develop their software on. Suppliers are an essential part of the business ecosystem as it helps companies build and complete great products and services. In May 2023, we saw many drastic changes in the foreign exchange markets (FOREX). These fluctuations brought to light the fact that one of our suppliers was not being very honest.
We discovered one of our foreign suppliers was overcharging us for things via a convoluted invoicing system and inflated pricing that was not just questionable but more importantly, dishonest. These transgressions became obvious thanks to the suppliers attempts to resolve the trouble. The end of that year, the management in that company was fired by an acquiring company as apparently hiding and deceiving was something of a corporate culture issue with the business leader.
It is very important to understand the necessity having good suppliers in your businesses. Businesses must run and expand their businesses with a win-win attitude. This is the thinking of all successful companies. Unfortunately, some businesses are run by people who care more about money than product quality and keeping promises. Some suppliers are just there to rip you off. How exactly can you define a good supplier?
Here are FIVE things you should expect from good suppliers. Good suppliers-
1. Give Quick Responses-
a. Suppliers should be responding to their customers within 24 hours if not faster. If you are paying them, they better be responding quickly.
2. Are Lighting fast to fix their bugs and other product issues
a. Fixes should be immediate. If a supplier is providing anything that touches your customers, their lax responses could make you look bad.
3. Listen to the market-
a. Suppliers should not be telling you what you should be selling. They should be listening to you as you know the market and know what your customers want
4. Charge fair and sustainable pricing-
a. All business should be about win-win. If a supplier just wants to milk as much money out of you as they can, it is time to find a new supplier. There are always other options. It’s not always the best product that wins the market. In the long term, it is more about the best service that wins
5. Are stable with their employee teams and staffing
a. If you want to find a good company, look at the team. Good companies are great because they have bright, quick, and flexible people supporting their product. All companies have challenges with their teams. However, if a company is constantly losing people, that could be a sign of an organization without a vision. Worse yet, it could be a toxic working environment. If the supplier’s staff are always changing, then it’s best to look at other options.
Suppliers are a key part of your business. If you find that your suppliers are lacking in any of the five (5) key areas listed above, it might be time to look at the marketplace. It’s better to have a mediocre product with fantastic support, than an amazing product with mediocre backups. Bad suppliers are organizations that may be around for a time, but in the end, they will go out of business. Why waste your time using a product that is going to be gone in a year or two?
Our standard in business is making sure our team and customers are bright, quick, and flexible. After all, it’s more fun to grow together where everyone rides the wave. As they say, all the boats in the harbor go up when the water rises.
Find great suppliers and keep them. They will help you to build a happy healthy customer base. If you are looking for great communications services in Japan (phone, SIP, business email, internet fax, chat, video), please don’t hesitate to call the team at AINEO Networks at +81 3 4550 6500 or on our contact form here .