Our suppliers are key to assisting us in getting our pricing strategy right and can make a huge impact on the profit our business makes. Monica Or, founder of Star Quality Hospitality Consultancy shares with us some of her tips of what to look for when sourcing suppliers as outlined in her book “Star Quality Hospitality – The Key to a Successful Hospitality Business”.
For smaller operators it is always important to ensure that you receive three quotes from new suppliers so you can work out the best price for you.
Remember when sourcing suppliers it is not just about the price. Depending on what you are purchasing you also need to consider the quality, and how best the products suits your business needs.
When you choose your supplier you should look at the following:
• The quality of your supplies needs to be consistent. If you were sourcing sausages for breakfast for example each time you receive this product it should have the same content, be the same size and have the same taste each time your purchase it.
• You need suppliers who will be flexible. You may have a last minute order due to a late booking for a function for example, so you need to be able to rely on your supplier to deliver what you require in time.
• You must look for the best value for money. This may not be the cheapest – there is a difference. So other than price you should also take into consideration their reputation, and quality of their product and service.
• You need to build a good relationship with your supplier and you should have clear communication between you. You want them to be honest with you. If they cannot supply a product when you need it they should let you know. Better suppliers will be in constant contact with you to review your needs and to ensure they can meet them.