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Who would you buy from if one of your top vendors closed down today or were bought by your competitor? Do you have any options? Have you planned for a major purchasing problem to occur and what you would do? Do you buy from more than one vendor for most of your purchases? Do you know who they are? If you do not buy from multiple sources, you are at risk should you lose your sole supplier overnight. Get prepared and do these things now.
- List all of the major goods and service purchase items your firm buys regularly. Try to list more than 75 % of the dollars that go out in the mail each month.
- Place your second-choice vendor in the column to the right of your first choice. If you have dozens of alternative vendors you use every day, go to the next one and focus on your single suppliers.
- Find and note the last time you purchased from the alternative vendor and if pertinent, list the price difference between the first and second choice for this purchase of goods or services. If you do not have a current alternative price, get one. Start calling today.
- Regardless of the price discrepancy, place orders with these alternative vendors so your employees get used to the ordering requirements of this second vendor. You want your employees to already know what to do in the case your vendor is no longer available or has difficulty delivering on time.
- Do a current price comparison to ensure your first pick is still cheaper or giving you the better deal warranting the larger portion of orders.
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