How Well Do You Know Your Competition?

Do you know what suppliers your competitors are using?

Don’t fly blind – it’s best to know what everyone around you is doing. But finding that info out is an art form, which I’m not going into here. There are healthy and ahem unhealthy ways to uncover precious intel.

(only positive, uplifting advice from your man Simon)

Even if you can’t find out which suppliers your competition is using, you can at least go get competing bids for your current suppliers.

This process has several benefits:

First, you’ll see where you’re at in the market, and how much opportunity there is to improve. You may have had it good already, but you won’t know until you shop around.

Second, it’s often best to have more horses in the stable, and it’s wise to be aware of what supplier options there are for you.

And finally, you can gain some leverage for the conversations you’ll have with your existing suppliers, if you think there’s room to improve your costs.

It almost never hurts to explore what other options may be available. Depending on your industry, there may be new options or innovations since you last checked.

Is it time to rethink your supply chain?

This is from Trail 2 of Profit Hiker: 11 Trails to gain lasting elevation in your business. Find the book right here and the program over there.