In this stern and challenging business environment, SMEs need to be ruthless in the way products and services are sourced. Slackness in this can eat into profits, or even be the difference between a profit or loss. This Entrepreneur article tells you about ten key questions you should ask your suppliers.
A few key questions include:
- What payment terms apply and how negotiable are they?
- What hidden costs do the quotes provided not include?
- Is a liability insurance certificate available?
- Will you sell the product directly to consumers?
- Is a guaranteed sell through available?
- What compensation will you offer if delivery is late or inaccurate?
- What is the expected gross profit margin?