This blog introduces the eighth step, of the “10-steps to retail success“, Supply Chain. 10-steps to retail success is a process / methodology I’ve developed for my 1-2-1 mentoring clients. Over the coming weeks / months I’ll be introducing each step with a little more detail.
3 Elements to managing the Supply Chain
There are 3 main ingredients I advise all smaller retailers to include in their processes. These include:
- Selecting a Supplier
- Managing the relationship
- Managing physical logistics
Supplier Selection Process
There is more to choosing a supplier than just picking the one who can provide the right product for the right price and at the right quality.
You need to consider the ethics and values of the supplier – are they a business you can work with? Is there a good basis for the ongoing relationship?
You also need to consider their flexibility – will they be able to support the ebbs and flows of your business, increase and decrease order quantities etc?
Finally it’s worth checking their reputation – in the same way as your customers will check consumer review about your business you would be wise to seek references or check into recommendations / testimonials for your supplier.
Once you’ve chosen a supplier you need to manage the relationship. This is all about the ongoing communications, negotiations and performance management that will be required to maintain an effective and respectful, professional relationship with your supplier.
Finally you need to be water tight on your relationship with your physical logistics provider, especially if they are doing outbound deliveries to your customers. They are the final touch point a customer will experience when they receive your products – so it’s critical that they understand the role they pay in keeping the promises you make to your customers.
Introducing Step 9 of the 10-steps to retail success – Planning and Controlling
In the next blog about the 10 steps to retail success I’ll be introducing step 9, Planning and Controlling. If you can’t wait then don’t forget that I’m also offering the “Be a retail champion by next year” programme, which includes 52 FREE weekly retail tips by email.
To sign up for that visit www.retailchampion.co.uk/retail-tips