Who’s Your Maker?

Who’s Your Maker? Thanks to the general overview, you now have a good idea of who your potential supplier is. You have a handle on the supplier’s culture, values, customer service, and growth plans, as well as how they’d fit into your current matrix. So now, it’s time to learn what the supplier does. This means you’ll examine: (1) the supplier’s product development process, and (2) their expertise in sourcing. (That is, of course, is […]

Supplier Vetting, Made Easy

Supplier Vetting, Made Easy In a previous article, we talked about the first step in searching for a new supplier:  self-reflection. But once you know what you’re looking for, what comes next? Well, you complete a careful and critical examination of your potential supplier, also known as vetting. When you know who your supplier is, what they do, and how they do it, you’ll not only help keep your business on track, but you’ll also […]

Opening Up the Dialogue

Opening Up the Dialogue   The word “feedback” often comes with certain connotations. Depending on the people you’ve worked with, the word may elicit a “brace yourself” reaction. But when it’s time for you and your suppliers to discuss what you’ve learned from your assessment, the goal is to avoid that response at all costs. Lay the Foundation If you’ve never had a frank conversation with your suppliers about your expectations and their performance, you’ll […]

What Gets Measured, Gets Improved

What Gets Measured, Gets Improved   You’ve reviewed your business values, you’ve defined what success looks like for your business and your suppliers, and now, you’re ready to assess how your suppliers are performing.  This assessment will help you: (1) set expectations to improve supplier results; or (2) make the decision to part ways. Remember: What gets measured, gets improved. But First, Consider These Factors  You probably work with different types of suppliers in your […]

The Definition of Success (Metrics)

The Definition of Success (Metrics)   Ready to continue building your supplier matrix? In the last article, we talked about the first building block: reviewing the core tenets and values that explain the WHY behind your business. In this article, you’ll discover how to translate those values into measures of supplier success. Identify 5 to 7 Key Differentiators To bring your business vision to life (or to keep it thriving and growing), you and your […]