To help you determine whether or not a vendor will make a good partner for your business, we asked business leaders and sales professionals for their best tips. From ensuring the vendor understands your niche to conducting background checks, there are many ways you can vet a new supplier in a vendor-partner relationship.
Try these five ways to vet new suppliers in a vendor partner relationship:
- Ensure that a Vendor Understands Your Niche
- Evaluate the Quality of their Products Or Services
- Look at Reviews
- Focus on Punctuality, Professionalism & Quality of Work
- Conduct Background Checks
Ensure that a Vendor Understands Your Niche
A vendor should understand your challenge. Every industry has unique limits, audience expectations, and opportunities to grow. Your vendor doesn’t have to be an expert on it, but he should get a background of your business’s specific environment. It’s necessary if you want to have a pleasant, smooth-running partnership.
Marcin Mlodzki, PhotoAiD
Evaluate the Quality of their Products Or Services
One good way to determine whether a vendor will make a good partner on your next client deal is to evaluate the quality of their products or services. If their products or services are high-quality and well-reviewed, this may be a sign that they will be a good partner for your client. If their products or services are subpar, this may be a sign that partnering with them may not be a good idea.
Matthew Ramirez, Paraphrase Tool
Look at Reviews
Look into reviews of the vendors you are considering working with. Do not just observe whether they are positive or negative – Examine precisely what they say. Ultimately, you want to work with a vendor that you can trust and that shares your values as a business. Looking at what others have to say about vendors will reveal a lot about them.
Drew Sherman, Carvaygo
Focus on Punctuality, Professionalism & Quality of Work
When I am working a deal with a service provider I want to see these three values in their performance: punctuality, professionalism and quality of work.
Punctuality: This is very important to me as it shows that the service provider is respecting my time. I want them to be on time for our meetings and to start and finish the work when they say they will. If they are constantly changing the schedule or are late, it will be difficult to trust them.
Professionalism: I want the service provider to be professional in their interactions with me and in their work. This means they should be polite and respectful, and their work should be of a high standard. If they are constantly making mistakes or their work is sloppy, it will be difficult to trust them.
Quality of work: This is the most important value to me. I want the service provider to do a good job and to meet my expectations. If they are constantly making mistakes or their work is poor, it will be difficult to trust them.
Shawn Ryan, Techtopia
Conduct Background Checks
How responsible and committed to his word a vendor has been with his business associates reflects clearly in his past deals. You should also check any loans he might have taken, any other deals he might be engaged in, any legal disputes, any failure to deliver to his customers, etc. A thorough background check will be sufficient to determine whether he will remain professional and honest. Also, keep in mind the money belt his deals usually lie in. If he is shooting beyond what he usually does with your business deal, there is a greater chance that he might fail to deliver. Also, make sure each party signs all necessary contracts so as to avoid any fraud.
Chris Heerdegen, OnDemand Painters Midwest