Importance of Having more Suppliers in Business

[Springtime]

Having competition is important. It makes business to improve their product and service to survive.

 

[eldavis]

Having just a single supplier can be pretty risky, there could be situations where w customer my need a particular product urgently and your supplier foes not have, it means you would end up loosing that supplier.

 

[hastral45]

What is the essence of being in the business if you don't have good supply chain to your products?. Suppliers are the networks that are making the business maintaining its going concern policy.

 

[Passiveearner]

That's right that's why business men are always busy left and right.

I Think that when you have more suppliers in the business, you tend to have a much better approach when it comes to having a huge collection of products for sale in the market.

 

[Raja]

More suppliers will give you added advantage of getting the delivery in minimum time and can get favorable Payment terms

 

[Sanjeev]

That's true, in industries it happens sometimes a supplier may not be able to fulfill the demand so it may be helpful to have two suppliers for the same material. I have see such situation when having two suppliers for an item turns out to be very handy.

 

[Niyi Briggs]

When you have more suppliers, it gives you solid options in case of disappointment from one supplier.

 

[funkie]

Whatever we sell we need to have at least 2 Suppliers and the more suppliers we have the better it will be as we can get competitive prices and can get timely delivery and if we don't have more than 1 supplier then we will surely suffer.

Yes, I agree with your approach here. If you have just a single supplier and they fail to meet your requirements on time - your business will suffer greatly, thus it is better to have more suppliers for better brand image.

 

[cherry123]

Whatever we sell we need to have at least 2 Suppliers and the more suppliers we have the better it will be as we can get competitive prices and can get timely delivery and if we don't have more than 1 supplier then we will surely suffer.

Sure it is good to have good suppliers for our business it will help one to have products onntimr just as needed

 

[Starmix]

Yes those have targets to earn they don't even sit for a minute and keep finding ways to earn

That's the life of a business owner. They are always stressed.

 

[rubesh]

1. Improved Quality: Having more suppliers means that businesses can compare quality and prices from different sources, allowing them to choose the best option for their needs.

2. Increased Competition: Having more suppliers can create more competition, which can lead to better prices and services.

3. Increased Flexibility: With multiple suppliers, businesses can switch suppliers more easily if one fails to meet their needs.

 

[Starmix]

It's good to have many suppliers in business to avoid cramming in case there will be many buyers in bulk.

 

[Raja]

With more suppliers you can fulfill the requirements of the business easily and in its absence it'll be Harder.

 

[nomad]

Having more suppliers for your business also means you can negotiate the price and then get better deals.

 

[cherry123]

Yes having many suppliers, gives us the option to choose which suppliers to carry on if other cannot fulfill their deliveries.

 

[King Belieal]

When you have many suppliers in your business, you are building a safety net that would ensure that you always have stock.

 

[Fidelia]

I don't have a fixed supplier. I source my inputs from a wide range of sources and that helps me not to be stranded.