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Clues for selecting the best suppliers

Clues for selecting the best suppliers

Suppliers undoubtedly play a crucial role in the success of any brand’s and company’s performance. Their selection process is of great importance and often has to it an element of unpredictability that we cannot control 100%. Therefore, in this article, we want to list some clues for selecting the best suppliers for your corporate event that will help you minimize risks and ensure success.

But before delving into the subject, it’s worth noting that there are suppliers of various types. And depending on the product or service they provide their importance may vary. Broadly speaking, we can group all suppliers into 5 categories: products, services, transportation and logistics, technology, and financial services. In our case, the first three categories are of particular relevance. However, the clues we are about to detail below can be applied to suppliers of all types.

The more alternatives, the better

Always aim at keeping your suppliers’ portfolio as broad and up-to-date as possible. The variety of options provides flexibility, especially in case of tight deadlines. While it’s true that searching for new suppliers and updating information about existing ones takes time and dedication, regular updates are crucial. Technological innovation and the current entrepreneurial climate constantly favour the emergence of new, attractive, and sometimes groundbreaking options.

Trust your experience, but also check for opinions

A bit of research never hurts. So, even if the initial impression is positive, it’s worth seeking additional information about the supplier and asking colleagues in the industry for their opinions. Not so much from the perspective of the quality of the product or service itself, but rather to determine whether this option suits your specific circumstances. Each project has its peculiarities, and suppliers, no matter how good and versatile they are, have their strengths and weaknesses. Or rather, a combination of them. ‘It’s good but slow,’ ‘it’s inflexible with deadlines,’ ‘very attentive to detail, but management processes are complex’ — we’ve all heard dozens of comments like these, and they don’t necessarily have to be understood as negative. It’s just a matter of choosing the option that best fits each case.

Quality and price, a dynamic balance

The relation between these two concepts is not as linear as it may seem and is one of the main clues for selecting the best suppliers. In fact, it is really complex and can be even contradictory. Companies are living organisms that maintain a dynamic and changing balance between the market demands, their expansion and growth ambitions, reputational risks, perceived competitiveness, and, why not, even their tradition.

Therefore, to truly understand and assess the quality-price balance offered by a supplier, beyond operational details such as meeting technical requirements and delivery times, one must try to understand which is the current situation of the providing company.

As a general rule, startups tend to offer more affordable prices (or at least be more open to negotiation) than established companies. At the same time, they are in this phase of development and growth where an extra effort is made to gain reputation. Established companies, on the other hand, in situations of high demand, tend to be more inflexible in economic terms, but their track record and reputation endorse and guarantee a quality outcome. However, even established companies with whom you have a smooth and trusting relationship may be open to negotiation.

Payment terms and financing as feasibility guarantees

A very specific but crucial aspect to consider in cases of production or supply of a medium to high volume of a specific item. Most suppliers do not have their own financial resources to fund this production or purchase, being forced to resort to financing. Their financing capacity and its conditions, along with the payment terms set by the supplier and those established in your company, will determine the feasibility of the entire process. It is essential to pay close attention to this issue because if it doesn’t align, there is little that can be done.

Sustainability, a must at this point

We never get tired of repeating again and again that applying sustainable criteria to our activities is our common duty: from catering to logistics, from printing to staff hiring. We are glad to see that this message is gradually gaining traction. However, it’s also true that much remains to be done regarding the awareness of the business world about the need to opt for sustainable options in their value chain. Above all, destroying some deeply rooted myths about the high cost of implementing sustainable policies. It’s not an expense; it’s an investment. An investment that is already bearing fruit and gradually changing the landscape of the event industry.

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