Making legal and financial plans for the future is a deeply personal process that depends…
Running a business is a substantial endeavor and definitely one you cannot do on your own. Even if your company remains relatively small, you will still need to obtain your materials from somewhere or have a manufacturer to create your products. As a result, you will need suppliers to help your business grow.
When you find suppliers that you hope to work with, you may end up creating a business relationship with them. As with any type of business relationship, it may be in your best interests to create contracts so that everyone understands what the relationship will entail. Before you make any relationship too permanent, you may want to consider what makes a good supplier.
Positive supplier traits
Because you take a great deal of pride in making sure that your company produces quality products, you do not want consumers to think less of your products due to issues relating to defective materials or manufacturing issues. Therefore, you may want to consider the following traits when considering your suppliers:
- Price of services
- Reliability of services
- Stability of the supplier, or long-time running companies
- Location of the supplier
If you find suppliers that you feel represent these traits positively, you may have reason to create a lasting relationship with them.
Issues with suppliers
Unfortunately, even if a business relationship starts well, issues could later arise. Some problems with your suppliers that you could face include:
- Receiving late shipments
- Receiving damaged materials or products
- Incorrect or incomplete shipments
- Lack of openness from the supplier
- Having to contend with extra-sale costs
- Not having competitive costs
While some of these issues may arise due to problems that the suppliers themselves have to contend with, some problems could come about due to suppliers not adhering to the terms of the contracts. If so, you may have reason to file breach of contract lawsuits in the event that the violations of terms proved costly to your business.
While you may want to first seek an explanation for issues with your suppliers, you may also reach the conclusion that legal action is necessary. If so, you will certainly want to make sure that you understand your legal options and what routes may help you address the issues effectively. Consulting with an attorney may allow you to gain reliable and applicable information for your particular case.