How to Review Your Vendor:

vendorpricebook-networking

The  can be a very complex and sensitive task if you are unaware of the approach from the start. This article will show you how to choose the right vendor for your business. This article will show you 5 things:

1. Inspect the Business Requirements

Before getting started, assemble a team of experts who have a complete interest in this particular vendor selection process and begin to gather data or perform interviews. The first task that the vendor reviewing team needs to accomplish should be in written categorizing the product, material or service and then start searching a reliable vendor. The second task is to define the technical and business requirements. The third task is to define the vendor requirements. In the end, publish your document to the areas related to this vendor reviewing process and seek their data. Get your team to examine the comments and create a final document

​2. Searching Quality Vendor:

Now the actual work starts, the assembled team now must start to search for possible vendors that are capable of delivering the material, product or service. The larger the scope of the vendor selection process the more vendors you should put on the table. Not all vendors will meet your desired requirements, so the team needs to decide which vendors you will seek more information from. The best way is to print an (RFI) Request for Information and send it to the vendors which are selected by the team. After receiving the response, evaluate and select a small number of vendors that will make the “Short List” and move on to the next round.

 3. RFP or RFQ?

When the business requirements are established and you have a short list of vendors that you want to select. Now write and send a Request for Proposal or Request for Quotation. After deciding which format you are sending make sure RFP or RFQ contains the following sections:

  • Submission Details
  • Introduction and Executive Summary
  • Business Overview and Background
  • Detailed Specifications
  • Assumptions and Constraints
  • Terms and Conditions
  • Selection Criteria

download

4. Proposal Evaluation and Vendor Selection

The main purpose of this phase is to lessen the human emotion and political positioning in order to reach a decision that is in the best interest of the company. Be careful in your investigation, seek information from all stakeholders and use the following methodology to lead the team to a consolidated vendor selection decision:

  • Introductory Review of All Vendor Proposals
  • Record Business Requirements and Vendor Requirements
  • Assign Importance Value for Each Requirement
  • Assign a Performance Value for Each Requirement
  • Determine a Total Performance Score
  • Choose ​the Winning Vendor

5. Contract Negotiation Strategies

The final stage in the vendor review process is forming a contract negotiation strategy. The best way is to “partner” with your vendor and not “take them to the cleaners.” Review your goals for your contract negotiation and plan for the meetings be covering the following items:

 

  • List Rank Your Preferences Along With Alternatives
  • Know the Difference Between What You Need and What You Want
  • Know Your Bottom Line So You Know When to Walk Away
  • Define Any Time Limitations
  • Evaluate Potential Possibilities and Prospects
  • Confidentiality, non-compete, dispute resolution, changes in requirements

 

These are certain things you need to keep in mind before reviewing your vendor. Trusting your instincts and evaluating the RFP or RFQ can help you choose the right vendor for yourself. To know more about vendor review, visit our website http://www.tradove.com.

Boost Your Business With Social Network:

social network

Utilizing social networking website to enhance the business is booming among everyone these days. Firstly, if you are using various social networking sites to profit your business you will first need to do a few things.

  1. You will need to define your audience, potential customers,
  2. Then, you will need to build a relationship with those people and promote your name/brand/products/website etc.

In this article, you will understand the benefits of how your business can use social networking as a tool to increase sales, customer loyalty, and to promote your brand.

Before you enter the social networking world, you will need to ask yourself some of these questions:

Do I know what social networking is?

First of all, spend some time visiting each different social site and research all the various features and functions each one has. From there you can decide which route is the best to take for your business. Now do some researches within your area of expertise, research the trends and figure out what is popular, and find out why.

How can you use social networking for profit?

Social marketing can do wonders in regards to opportunities for profit: add a face and a name to your product (a human element), and socialize with potential customers informally online. It’s pretty fun once you understand how it works. It will help increase traffic to your website, and it also creates trust and loyalty with your potential customers.

How do you know if it is working?

The best answer for this question is if you can judge an increase in sales and website traffic. This is usually a great indicator. Getting a analytics software is also a good option, that will show you who exactly is looking at your social networking site. It can show you the demographics of the people who are viewing your profile.

product-sourcing

First Thing First, Make A Profile:

Well now that you know how to use social networking for your business, and you have some sort of a social marketing plan laid out, you can finally start to build a “profile”.

What Your Profile Should Have:

Now your profile is basic information about you and your company, (location, store hours, frequently asked questions, and other things like that.) You can also upload a profile picture, which can also be your company’s logo, or a picture of the boss, etc. Everything on a social site can be customized to best suit your company’s needs.

Don’t Try Sale’s Pitch, Rather Make Friends:

The sales pitch is a big “NO NO”. Instead, try to engage your customers in conversation. Be open, friendly, and honest. People remember that sort of thing; they like to be spoken to like a normal human being, not like a customer. Don’t forget that once people start commenting on a post, you should join the conversation and give your own input.

To have more knowledge about How to use the social network for business, visit our website http://www.tradove.com and get an insight.

How Can Sourcing Material Help You:

source

Before proceeding toward production at a factory which is located overseas, a sample should be made to authenticate the quality of the manufacturing. Before going further, all potential problems need to flush out and ensure the factory understands exactly what needs to be produced. This is how the process of sourcing materials works.

Sample, A Crucial Part:

A sample gives a good idea of the quality of the manufacturer’s work. It also allows the buyer to weed out low-quality manufacturers before investing significant time and money in them. If you find any factory that cannot produce a quality sample should immediately be dropped. A sample also ensures that the manufacturer knows and understands what the purchaser would like. To make sure sample is correctly made by the manufacturer, there are three things that need to be considered such as understanding, language, cultural and other differences. Because these factors may hide the fact the two sides have different ideas in mind. A sample leaves a lot less room for miscommunication.

How Sampling Phase can Save You:

The sampling phase often reveals unexpected problems that might not otherwise be marked until production has commenced. Even if the manufacturer is 100% sure about the purchaser needs, making a sample can bring out unexpected difficulties in the manufacturing process. In case, there are issues with the quality of the order, a sample sets a clear example the factory can be held to. It is therefore important to have a sample made as exactly to specs as possible before placing any order. Even if it is just a minor problem with or changes to the sample received; it is not prudent to simply ask for the issues to be fixed in production. Having another sample that will meet all specifications from the manufacturer, there is an increased chance of error, misunderstandings or other problems.

Though it is not always feasible to make a sample, and a sample is not a sure implication of the kind of work the manufacturer will do.

product-sourcing

Keep An Eye On Manufacturer:

Mostly, manufacturers outsource their sample making to third parties sometimes. Therefore, it is advised to ask the whereabouts about the sample. Where will the sample be made? And take other steps to make sure the manufacturer knows the process.

Sometimes, the manufacturer cannot create accurate samples especially when it is plastic. Since plastic can be manufactured in large quantities and other processes. Having a correct example is not possible since it requires carving and another process as well.

Elaborate the Details and Materials to the Manufacturer :

Finally, since the exact same material that will be used in manufacturing cannot always be obtained in the small quantities, alternative materials may seldom need to be used when making the sample. It is therefore critical to specify the exact material that will be used in production.

While a good sample will guarantee an impeccable manufacturing sourcing process. And it is also a good way to avoid problems and set the standard for quality. Therefore, a sample should be made a priority before placing an order. To understand more about the manufacturing and sourcing materials, Tradove can help you. Our motive is to understand customer issues and help them so we can build a long- lasting relationship.

Highlight on Pros and Cons Of Business Network

promo-businessNetwork

Business network has a world of positive advantages. However, with everything positive, come a few negatives at least. So let’s discuss some positive points in support of business networking in the beginning:

  1. The person being active in the accumulation of business contacts and letting himself be noticed. Many people complain that they are just not meeting enough of the right people to help in their career direction. The benefit of being actively involved in business networking, increasing chances of meeting those right people. Furthermore, if you are networking correctly by sharing referrals, introducing people and following up with those you meet, the rewards will be fulfilling.
  2. People skills especially 1 on 1 will slowly develop into expert status. This is a benefit not talked about a lot but through trial and error, building great relationships will seem effortless. Consider the fact that when people skills are adequate, you will see a remarkable increase in the positive results you get using all other communication, for example; telephone, e-mail, etc.
  3. After being consistent, you will notice your own center of influence expand. If you are engaged actively in the meeting, communicating, and usually helping many individuals, you will be liked as well as admired. When these type of things occur, your center of influence grows and you will become well-respected by default.
  4. Networking always gives you the opportunity to speak a lot about your profession. You will have the chance to educate many people about what you do when you meet them. This situation makes you be on your toes and more knowledgeable about your profession.

Shaking-Hands-2

And now for the negative points of business networking:

  1. If you are an extreme example of a socially frustrated individual, getting out and networking could be very traumatic for you.
  2. You may find numerous events that may not be to your liking. This is a professional hazard of business networking in which you attend business networking events with high prospects but are disappointed by the outcome. As with anything, this is not a reason to give up but it does happen.
  3. People in your newly found network been as responsive as you would like. It is very true that many people talk a good game but in the heat of the moment, when you need them most, they can let you down.
  4. Networking is not for everybody. Yes, there are some individuals out there, as rare as they may be, where networking and building relationships with different people just isn’t their cup of tea. A small minority of people will find that no matter how hard they try, it just won’t deliver the desired results. This is sad but it is true.

So now you see the pros and cons on both ends. It depends on how you take it. You are the “one” who can rise business network to the top or flush it down the drain. Do you want to learn more tips about business networking? Visit our website http://www.tradove.com by searching keyword business network and learn something which will help you become the best business networker.

How Vendor Review Can Affect Your Business?

download

Judging a vendor can be a repulsive and challenging task. If you are trading with a supplier that is always reliable with deliveries, never shorts shipments, paperwork is in order and provides invoices that match your purchase order pricing. Then this type of vendor performance review will be enjoyable. If the vendor ships inaccurate materials, rarely meet promised delivery dates and require consistent expediting this will usually mean the vendor  review will earn a poor rating and will require that a firm message is delivered to ensure improving measures are taken, resulting in less business or possibly dropping a supplier altogether.

The evaluation process will help facilitate this process. If you wish to redeem this vendor, you need to apply efforts to help them in introducing corrective measures.

Price performance of a vendor is easily followed as inconsistencies between agreed to prices and those invoiced by vendors should be promptly discovered and brought to purchasing department attention during the year.

Here are some measures to help you with the process of evaluating a vendor:

  1. Do your homework before calling the vendor for the review.
  2. Start by identifying a key vendor.
  3. Choose a vendor that is in your top 20% for a number of purchase orders issued.
  4. Use the ABC Pareto distribution principle.
  5. Plan your annual spends with the vendor. If statistics are available, check the number of purchase orders issued, including line items per purchase order versus an estimate of shipments required to complete delivery of the purchase orders. Review incorrect shipments, short shipments, poor or incomplete paperwork.
  6. Circulate your evaluation form to departments — ask for their feedback and examples of both shortcomings and of good practices.
  7. Complete the first draft of the evaluation, reviewing the weights you have placed on specific areas of importance. With some vendors, a higher weight may be placed on service levels versus supply of tangible goods.
  8. Study and finalize it with your backup reporting, statements. Plan for a time when you are not under pressure and you can dedicate at least 1 hr of uninterrupted time.
  9. Book Boardroom – Perform the review in a neutral environment like a boardroom and avoid your office unless you need access to a computer system. Put the vendor at ease.
  10. Give the vendor the chance to respond to each issue and document their response.
  11. Ask coherent questions. Ask the vendor how can you improve service levels?
  12. Tell them what they are doing right. The good effort needs to be approved and noted in the evaluation.
  13. Finish with a review of where you feel they need to pull up their socks, provide a copy of the evaluation and ask them to identify how they can improve in the areas of weakness noted.

An Individual goal is to hopefully improve productivity at both operations. Add complete by dates for action items and ensure follow ups. Make sure to evaluate every vendor who is important to the profitability of your organization should be appraised at least once annually.

Conclusion:

To evaluate a vendor on all viewpoints of performance one need to develop a template, this measures all levels of service.

Tradove helps you know about the reviews of the different vendor so you can expect profitability. To know more, type vendor reviews on Google and get all your questions answered by our team of expert.