The other side of the business.
WHAT TO AGREE
Prices, and whether they are fixed or move with exchange rates Payment terms Lead times, realistically What happens with defective goods Minimum order quantities
RECORD IT
In writing, even briefly. Verbal agreements about prices and terms are remembered differently by each party.
LEAD TIMES
Ask for realistic ones, and add a margin. Stock arriving later than promised means orders you cannot fulfil.
MULTIPLE SUPPLIERS
Depending on one supplier for a product that sells well is a risk. Identify an alternative before you need one.
EXCHANGE RATES
For imported goods, agree how price changes are handled. Being told of a price increase after you have committed to customer prices is a real problem.
QUALITY
Inspect deliveries rather than assuming. Discovering a defect after dispatching to a customer costs considerably more.
PAYING PROMPTLY
Suppliers prioritise customers who pay on time. That matters when stock is short.
KEEPING RECORDS
Supplier invoices are business records. Keep them.
