When it comes to your business’s supply chain, your business is only as strong as its weakest link (supplier). Careful selection of suppliers is essential in establishing a strong supply chain. As we learned in this module, there are many factors beyond price to consider when selecting a vendor. The following assessment provides an opportunity to devise a vendor selection program and explore the benefits of selecting the right supplier(s) for your business. Drawing from the module material, respond to the following questions for your small grocery store business:
a) Consider the materials and / or services you will require for your specific focus business. Develop a list of at least ten questions you would ask a prospective supplier when determining whether to source business to them -- without mentioning price. Your questions must be relevant to your specific small business. To help ensure an insightful supplier response, do not design questions that can be answered with a “yes” or “no.”
b) When it comes to selecting a supplier, what criteria (Ex. Quality, price, delivery, proximity, customer service, support, etc.) would be most important to you? Rank your criteria in order of importance from most important to least important.
c) What other methods would you use to research prospective suppliers?
d) Describe the benefits of creating and implementing a vendor selection program for your specific business.