There is a lot to consider when seeking out a new supplier. The right supplier will have more to offer than just competitive pricing. Even small details are a big deal in the hospitality industry, so every supplier, large or small, must be thoroughly vetted to ensure they meet your business’s quality standards. Here are four things to consider when evaluating a potential supplier:
Pricing is a significant deciding factor when it comes to choosing a supplier. Securing preferred pricing status will ensure that you never overpay for your hospitality supplies. The lowest prices are typically offered to businesses that can place high volume orders or are part of a large chain. However, even if you own a restaurant or boutique hotel that can’t commit to that type of volume, there are still ways you can access preferred pricing. Identifying vendors that are part of a large purchasing network, like Source1 Purchasing, will give you access to deviated pricing and rebates that you typically would not be able to take advantage of on your own.
You know how important it is to work with suppliers with a solid reputation. However, even when working with a well-known supplier, it’s important to do your due-diligence and understand how they handle incidents related to their products. For example, ask potential food suppliers what their process is for executing recalls in the event of a salmonella outbreak or similar incident. They should be able to tell you how quickly they would be able to notify you that an affected product should be pulled from inventory.
One item that is often overlooked when researching new suppliers is how orders are managed. With so much on their plate, Purchasing Managers need to streamline their ordering processes as much as possible. Whenever possible, work with suppliers that offer online portals or other tools that make ordering from them more efficient. Whenever possible, you should seek to work with suppliers that will give your company priority status. Customers with priority status typically get their orders expedited and can get order minimums waved when necessary. Being part of a large buying group can help you achieve this status even if your company doesn’t typically make high-volume purchases.
Special consideration should be given to suppliers that are able to meet multiple needs. Limiting the number of suppliers you work with will typically save your company both time and money. Aligning with a purchasing partner like Source1 Purchasing can help you consolidate your current list of suppliers and streamline your ordering process. If you have suppliers that you already know and trust, Source1 Purchasing can manage their quality and service metrics and negotiate pricing on your behalf.
To learn more about how Source1 Purchasing can help you manage your supply chain while helping you save money, contact us for a free supply chain analysis. We are typically able to identify savings of 9% or more on all your hospitality supply needs.