Find a Good Partner

As a businessman or as an entrepreneur, you can not stand alone. There’s no such thing as that. You would always need someone, a partner in your business. I am not talking about a partner like someone who will share the start up expenses, the work and the income. What I am about is also someone you would need to start your business but not a partner per se.

If you are selling a product, you will need materials to make them. That is where the supplier comes in. You may think that they are insignificant but they are in fact very vital to your business. Without them you wouldn’t have your products.

It is very imperative that you choose a very good supplier. A very good supplier isn’t necessarily the one that sells the cheapest supplies. You also have to consider the quality of materials he is going to be providing you. Even if he gives you the cheapest price if his materials won’t last long and your finished product wouldn’t be of quality, you shouldn’t use him. You have to set a standard for quality and find the cheapest supplier who can provide you with that.

When you find the one that satisfies your criteria, it is important that you develop a great relationship with him. Aside from the price, another important element to look at is the term of payment the supplier is willing to give you. The longer time he gives you the better. It is because the longer time he gives the longer time your capital will be free for your other expenses in the business. You can even use that money earning on other things.

I don’t think a supplier would be willing to extend a loan to you on the first transaction though. You will have to pay cash first until you earn his trust. When he finally begins to trust you, you can then ask for a term. He probably would be willing to give it to you especially if you become a big customer.

It is not easy to look for a supplier who can work well with you. At times you have to work on building a good relationship with him. But when you find a good supplier, you find a good partner.