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Should Your Business Consider Finding New Suppliers In These Challenging Times?

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by Startacus Admin

Businesses throughout the UK and around the world face an uncertain future, with the Coronavirus pandemic wreaking havoc in every industry.

With a recession predicted and the global economy in turmoil, companies that want to survive need to adapt and consider cost-cutting and improving efficiency to ensure that they remain viable.

An ideal way to save money and boost effectiveness is to consider moving to a new supplier of the services and products that your company needs.

In many cases, a new supplier can offer you a better deal and higher-quality, innovative services, but it’s essential that you review all the options before you commit. Read on to find a list of factors you need to take into account before you change suppliers.

Is It Possible To Get A Better Deal And Service With Your Current Supplier?

If you are unsatisfied with the service and cost that your current supply provides, then searching for a new one might seem like the perfect solution. However, if you believe that your current provider might be willing to adapt in order to continue working with you, then try communicating with them. Explain that you are dissatisfied and ask if they are willing to make accommodations in order to keep your business from going elsewhere. If they do decide to adopt, then you will not only save your business money, but also the effort that comes with moving to a new supplier. In these uncertain times, such security could be beneficial to your business over the coming months.

How Much Hassle Will It Be To Change Suppliers?

One of the biggest issues facing any business looking to change supplier is the hassle and strain that they believe moving to new a supplier will bring. Some services, such as energy, food and water supply, are essential to your business, but changing to a new supplier can feel like a challenge to busy managers.

Thankfully, there are a number of experienced providers in operation who make switching simple.
For example, Business Stream, one of the UK’s longest-serving water suppliers, who offer a handy online tool to help customers work out the best deal available and transfer you to your new supplier. There’s no added fees involved and everything can be done online, making the process more streamlined.

How Much Money Will Your Business Save?

The cost of your new supplier shouldn’t be the main consideration you make, but it does need to be factored into your decision. If your current supplier isn’t offering your company a competitive price for its products and services, then check out the other offers on the market. Remember that many ‘new customer’ deals will expire once you sign on for a contract, and as such your new supplier might not be as cost-effective as they claim to be. Calculate the approximate yearly cost of working with each new supplier, so that you can find the one that works best for your company.

Can Your Business Build A Relationship With Your New Supplier?

Having a strong relationship with your supplier is crucial to creating a partnership that will drive both of your businesses forward. As such, you need to consider whether or not your company can build a long-term relationship with your new supplier. If you’re looking for a new supplier, then you probably didn’t have a strong relationship with your previous supplier, so it’s important that you work to cultivate one with your new supplier from the start. Try to find a company that offers you a dedicated account manager, so you have the opportunity to build a personal relationship with them.

Overall, a new supplier might be able to offer your firm the money-savings and improved services that you need to succeed during these tough times, but it’s vital that you make an informed decision. Use this article to make sure that you make the right choice for your business, both now and in the future.

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Published on: 5th June 2020

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