Selecting a Vendor for Your Business

By Avery Mills | Nov 19, 2019 8:11:00 AM

Selecting a Vendor for your BusinessFor necessary business items that can’t be completed in-house, you may seek out a vendor. Here are some things to take into consideration before selecting a business vendor.


It may be helpful to make a list of what you are needing from a potential vendor. This list will help ensure that you’re getting everything you need and won’t forget anything once you start meeting with people. When making your list, include items such as frequency (one time or ongoing), quantities, quality assurance, etc.


Once you know what you need, start reaching out to potential vendors to request a proposal/bid for your project(s). Include the list you made so the vendor has a starting point from which to work. Do your research and make sure that anyone you contact has favorable reviews.


Once you receive your proposals back, sit down with your team to make the decision. Remember to take several factors into consideration. For example, maybe one company costs more because they have a faster turnaround time. In this case, you will need to decide which is more important, receiving your product sooner or saving money.


Once you select a vendor, make sure you have a point of contact who you know how to reach. If something happens or plans change, you don’t want to bounced around from person to person trying to find someone who can help you. Vendors will usually place someone in charge of your account. There should also be a point of contact for them so they know exactly who should be answering questions and making decisions.

Topics: business plan, business services, business owner, small business

Author: Avery Mills