Vocabulary Practice: Suppliers

Read the text again and answer the questions with some of the words in bold.

The inability to find an appropriate supplier may prove to be a costly challenge for both small local businesses as well as multinational enterprises. You are only as good as the intermediaries you cooperate with. If orders are constantly lost or damaged in transit, sent to the incorrect address or are not on a par with your quality standards, buyers who experienced such, or other, problems are unlikely to become repeat customers.

How to select a supplier that will actually help project a professional image of your business?

First of all, do not settle for the first supplier you come across. Do your homework. Leave no stone unturned. Read customer reviews, grill friends and family for recommendations, ask other businesses for referrals. Make a list of prerequisites the ideal supplier needs to fulfill. Next, put out a request for tenders (RTF). Once you narrow down your search to a select few, send out a Request For a Quote (RFQ). Compare pricing, fees, and discounts. Determine what the payment terms and conditions are. Find out what the Minimum order Quantity (MOQ) is. Typically, the more you order, the lower the price. However, it may not always be the case and then the price may not be as easily negotiable as it is for bulk orders. Enquire about lead times. Long order lead times increase costs. Last but not least, monitor your supplier to ensure excellent service throughout the whole process.