Finding reliable, competitively priced suppliers is vital to the success of most businesses. However, once you have found a suitable supplier it is just as important to manage the relationship effectively, to make sure you maximise your returns.
According to the Chartered Institute of Purchasing and Supply (CIPS), reducing your costs by one per cent can have as much impact on profit as a ten per cent increase in sales. You rely on your suppliers to provide you with the goods and services your business needs to operate, but getting the best deals can have a significant effect on your bottom line.
So there may be scope to cut costs by better managing your suppliers for example centralising all purchasing, rationalising your supplier base and negotiating better deals with key suppliers. Decisions need to be well researched and thought through, however, as good relationships with suppliers are vital to your business success.
See our full guide to managing your suppliers.
Further informationBusiness Link's information library gives you instant access to information and tools to help you tackle key business issues. View our full range of guides to help you with growth through strategic sourcing.
Access to help and supportThere is a range of support available for businesses in the North West and you can search our business support directory to find solutions for your business.
If you would like to talk about how to manage your suppliers better and how we could support your business, call the business adviser team on 0845 00 66 888 or use our contact us form.