How to Source New Suppliers for Your New Product?

Identify the best suppliers for the components, parts, or products you need. Focus on putting the following tips to good use. That will help you find top-notch suppliers that meet your standards and requirements. Make that a part of your sourcing strategy, and you’ll find the best people for your team in no time.

Hire a Local Team

One practical approach is to hire a local team of agents in China for sourcing. With a team, you can have access to a range of suppliers. You’ll have people searching for the part, component, or product you need. They can do the work, so you won’t need to. Given the language and cultural barriers, it’s also better to hire a sourcing team to improve the quality of communication with the suppliers you choose. It’s easier to manage them and to communicate what you want when you have a local sourcing team that knows its way around.

Think Long Term

When you start looking for suppliers, you take that step knowing you’re hiring for the long term. You don’t pick a supplier for a one-time deal. You want a supplier or manufacturing partner that your business can grow with over time. Can the company provide much-needed support and assistance for years? That’s the ideal arrangement and your goal. A supplier you can work with for the long term will save your business time, money, and effort.

Consider Best Value 

Learn to look beyond the costs. You may want to find a manufacturing partner that can provide the parts you need at the lowest price possible. However, that may not guarantee the best materials or outstanding quality. Consider if the supplier provides you with the best value for your money. A supplier that charges mid-range rates but offers excellent, durable parts is worth it more than a supplier with poor quality parts. Remember, the parts, components, or products you’ll use will be associated with your company. If they are poor in quality, that will affect consumer satisfaction levels. If they’re unhappy with the part, that will lead to lower sales or conversions. If you don’t want consumer engagement to suffer, look for suppliers that provide the best value for your money.

Find Reputable Suppliers

When you start looking for suppliers, consider trustworthy options. Ask the sourcing team you hire to provide reports and information on potential manufacturing partners. Evaluate the data carefully before you choose a supplier. A few complaints about the business aren’t conclusive enough. But if there’s negative publicity around the company stating that it’s been involved in fraud or far too many product recalls, you’ll want to consider a different supplier.

Check Credentials

What qualifications does the company have? Is it financially stable? The last thing you want is a supplier that may be on the verge of going out of business. That could blindside you and affect your production schedule. Consider the credentials and reputation of the company and if the business is on solid or shaky financial ground.

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