How To Run A Better Business

 

However, running a business, especially a brick-and-mortar store, can be challenging with the myriad of online competitors and individual marketplaces like Etsy and Amazon. To run a business successfully, today’s small retailer needs to be smart and efficient in how they manage business relationships, their brand, and finances. This guide is designed to show you exactly how to run an efficient business in today’s competitive retail environment.

I. How to Manage Vendor Relationships

An essential part of running any retail business is finding good, quality products at prices that will allow you to make a reasonable profit. It’s not too simplistic to say that your business is only as good as the products it sells. And the products you sell will be impacted by the quality of your vendor relationships.

What is a wholesale supplier and why do I need one?
Creating and nurturing a relationship with one or two vendors can help your run a better retail business in a number of ways. First, when you have strong ties with your vendors, they are more likely to fill your order first if they have a shortage of products. In addition, they’ll advise you of new products, items that might be on sale, and work with you on financing. By limiting the number of suppliers you use, your staff will become more familiar with the products, making it easier for them to order and discuss items with your customers. An added benefit is that the quality of products is usually more consistent when you limit your suppliers to just a few preferred sellers.

How to Find and Choose Wholesale Suppliers.
While it may be easier to simply pick the first vendor that appears in a Google search, that is rarely the best approach. So, what criteria should you use to locate and vet suppliers? To find vendors you can work and grow with, consider the following:

  • Verify all of the vendor’s contact information. The first thing you should do when vetting a potential vendor is to make sure that they are who they say they are. A sure sign of a potentially bogus vendor is when the information on their business card, website or promotional email cannot be easily verified.
  • Check references and request a face-to-face interview. Checking references is not only for hiring employees. It can be invaluable for choosing reliable vendors.
customer purchasing an item at counter - how to run a better business

Since you’ll be working with these suppliers (ideally) for a long period of time, a face-to-face interview is always a good idea. No only is it the first step towards forging a close working relationship, but it can also help you determine if the contact person is easy to work with. After all, it is possible that a perfectly legitimate and ethical vendor may have a salesperson or representative whose personality doesn’t mesh with your own.

When in-person interviews aren’t possible, such as when a potential vendor is located across the country or even overseas, you can set up a virtual interview using software platforms like Facetime and Skype. While in-person interviews can generally give you a better overall impression of the vendor you’ll be working with, holding a virtual interview is always preferable over a phone interview. It allows you to see the person’s gestures and facial expressions. In addition, the American Society for Quality (ASQ) recommends checking the company’s Dun and Bradstreet report as well as the company’s report with the local BBB and/or Chamber of Commerce.

For specialized sellers, sites like AliExpress can also be invaluable. These virtual marketplaces can introduce you to a variety of wholesalers you might not otherwise be aware of.

What is a wholesale supplier and why do I need one?
Creating and nurturing a relationship with one or two vendors can help your run a better retail business in a number of ways. Like, to start a vape business, you need to check the best wholesale vape suppliers. First, when you have strong ties with your vendors, they are more likely to fill your order first if they have a shortage of products. In addition, they’ll advise you of new products, items that might be on sale, and work with you on financing. By limiting the number of suppliers you use, your staff will become more familiar with the products, making it easier for them to order and discuss items with your customers. An added benefit is that the quality of products is usually more consistent when you limit your suppliers to just a few preferred sellers.

How to Find and Choose Wholesale Suppliers.
While it may be easier to simply pick the first vendor that appears in a Google search, that is rarely the best approach. So, what criteria should you use to locate and vet suppliers? To find vendors you can work and grow with, consider the following:

Read More – https://www.shopkeep.com/blog/how-to-run-a-better-business#comment-5153425192


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