LONDON--(BUSINESS WIRE)--The suppliers you do business with have a big impact on your work and your success. It is therefore vital to choose your supply chain partners carefully, and find companies whose goals and abilities match up with your own. The BizVibe platform was specifically designed to eliminate the uncertainty of finding a potential trade partner, while at the same time making networking easier and faster by using sophisticated algorithms to help businesses find the right partner. BizVibe is home to millions of global businesses, big and small, across 700+ industries to help support any sourcing strategy that best suits your needs. Register today to connect with over seven million companies around the globe.
BizVibe’s Top 5 Strategies for Finding the Best Supply Chain Partner
1) Don’t prioritize technical ability over everything else
Having a solid IT infrastructure and efficient systems are definitely important in a supply partner, however, focusing on them to the exclusion of everything else is a mistake. It is easier to improve technical ability than to change corporate culture and if a company is not willing to grow and experiment, it will be difficult to collaborate. A structure and culture that align with yours are also important, as it can be difficult to work with an organization that has very different priorities and practices.
2) Don’t overlook the smaller companies
It’s tempting to assume that the biggest firm with the most business will be the best choice for a partnership. However, that isn’t necessarily the case. A large organization with many partners may be too busy to pay close attention to every one of them, or may not care to invest in a relationship when it can afford to lose one of its partners. A smaller company may value you more, and put more effort into collaborations.
3) Find a partner you can communicate with easily
Even if you’re working with an organization with a lot of experience and a good culture, lack of communication can be a severe hindrance. From basics such as production and shipping, to last-minute delays and changes, to coming up with new initiatives, clear communication is essential. It allows things to run smoothly, and makes it easier to create new projects that benefit both parties and meet their needs.
4) Look for an organization with strengths and goals that match your own
Choosing a company with strengths in areas where you are weak sounds like a good strategy, but can actually lead to problems. If your company struggles with scheduling, for example, partnering with an organization that is very good at it could simply lead to tensions between both organizations if you are unable to meet your partner’s strict timelines. Working with a company that generates and analyzes a lot of data may not help you if you do not have the infrastructure or expertise to make use of that data yourself. Conversely, finding a partner that specializes in the same areas as you can lead to even stronger performance and better results for both parties.
5) Don’t give up on a potential partnership just because it doesn’t look like both sides will benefit equally
Just because a partnership looks unequal doesn’t mean there’s no way to benefit everyone fairly. If one side stands to gain more from something, find alternative ways to equalize things. Offer higher prices to a supplier taking on a greater cost burden, or use the savings to invest in some other mutually beneficial endeavor, or split those savings equally between both partners. With a little creativity, there are many ways to make what looks like a one-sided partnership beneficial to everyone.
BizVibe is home to over 7 million companies, across 200+ countries, covering all sectors. The BizVibe platform allows you to discover the highest quality leads and make meaningful connections in real time. Claim your company profile for free and let the business come to you.
BizVibe is home to over seven million company profiles across 700+ industries. The single minded focus of BizVibe’s platform is to make networking easier. Over the years, we've searched far and wide to figure out how businesses connect and enable trade. That first interaction is usually fraught with the uncertainty of finding a potential partner vs. a potential nightmare. With this in mind, we've designed a robust set of tools to help companies generate leads, shortlist prospects, network with businesses from around the world and trade seamlessly.
BizVibe is headquartered in Toronto, and has offices in London, Bangalore and Beijing. For more information on the BizVibe network, please contact us.