Expanding your list of suppliers can open up new opportunities for your business. Whether it’s to find better pricing, access higher-quality materials, or reduce the risks of depending on just one vendor, branching out gives you more flexibility and security. That said, one of the challenges you’ll likely face is striking the right balance between cost and quality.
Relying solely on the lowest price is not ideal, as it often involves trade-offs in product quality. These compromises can lead to rework or customer refunds, which can strain your cash flow. Managing these challenges is easier with the right tools, which is where Maya Business solutions come in. With features that help you track expenses and manage supplier payments, Maya gives you the tools to stay on top of your finances, putting you in a stronger position to build partnerships that meet both your budget and quality standards. To help you get started, here are some practical tips to consider when evaluating suppliers.
1. Evaluate Total Cost, Not Just the Unit Price
When assessing potential suppliers, it’s important to look beyond the unit price. The initial quote may only reflect the cost of the product itself, but you still need to be wary of other related expenses like shipping, taxes, or potential delays and returns, which can quietly add up. Considering the full cost helps you make informed choices, so you get the best value without sacrificing quality.
Handling all these costs can no doubt be challenging, which is why having the right business banking partner matters. With Maya Business Deposit, you can consolidate supplier payout data in one account, making it easier to track total expenses while ensuring vendors get paid on time. The reliable FREE transfers feature can also handle employee salary payouts.
2. Check the Supplier’s Track Record
A supplier’s reputation says a lot about how they operate. Before signing any agreement, take the time to do a background check. Ask for referrals or see if they hold certifications that demonstrate they meet certain standards. A good supplier should be able to provide proof that they’ve successfully handled orders like yours.
Choosing a supplier with a strong track record may mean paying slightly more, but it helps you avoid hidden costs from mistakes, delays, or subpar products. Evaluating suppliers in this way ensures you maintain a balance between cost and quality, securing dependable outcomes without compromising your standards.
3. Test Quality with Samples
Requesting samples may feel like an extra step, but it’s one of the smartest things you can do when exploring new suppliers. Samples let you inspect the materials used and craftsmanship, helping you confirm whether or not what the supplier promises matches reality.
This simple step can prevent bigger issues down the line. Catching problems early helps you avoid customer complaints, product returns, or reputational damage, all of which can be costly. By testing samples first, you can confirm a supplier’s capabilities without committing to large upfront costs.
4. Prioritize Reliability and Communication
A supplier can have attractive prices and decent quality, but if they’re slow to respond or unreliable with deadlines, you may face delays and errors that lead to additional costs. Miscommunication can also lead to incorrect specifications or overlooked defects, which can be expensive to fix. Clear and timely communication helps prevent misunderstandings and makes it easier to resolve issues before they escalate.
Look for suppliers who keep you updated and are easy to reach when needed. This transparency builds trust and ensures alignment on orders, timelines, and expectations. Partnering with suppliers who are both dependable and responsive helps protect your investment and ensures you get the right combination of affordability and product standards.
5. Aim for Long-Term Partnerships
Switching suppliers frequently might seem like a way to chase better prices, but building long-term relationships usually pays off more. Trusted suppliers are more likely to prioritize your orders or provide discounts as your relationship with them strengthens.
One of the best ways to maintain strong relationships with suppliers is by paying on time. Maya Business Deposit helps you manage payments across multiple suppliers with its bulk transaction feature, so you don’t have to worry about missed or late payments. Suppliers who see that you're reliable with payments can become valuable partners, often suggesting ways to reduce costs without compromising quality, such as optimizing packaging or streamlining delivery schedules.
Keep Supplier Costs in Check with Maya Business Deposit
Balancing cost and quality when choosing suppliers isn’t always easy, but careful planning makes it achievable. By evaluating suppliers thoughtfully and building strong partnerships, you can make decisions that support both your bottom line and long-term business growth. A key part of this is having a reliable business banking partner, and Maya Business Deposit fits the bill. Sign up for Maya Business to access tools that help you manage supplier payments and overall finances more efficiently.
Setting up a Maya Business account lets you open your own Maya Business Deposit account, which can be used as a settlement account. With an industry-leading 2.5% p.a. interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. On top of that, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, helping you save even more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, giving you an additional funding source to support your supplier payments and related expenses. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
