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Strategic Planning: Building Supplier Relationships and Understanding Competitors
Manage episode 423311218 series 3579522
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In this episode of The Business Babble, Michael, Johnny, and Wicus dive into the crucial aspects of planning your route to market. They discuss the importance of selecting strategic suppliers and building strong relationships with them, emphasising that price isn't everything—quality, efficiency, and support are equally vital. The hosts share practical advice on scoring suppliers, managing payment terms, and ensuring supplier accountability.
The conversation then shifts to understanding your competitors through SWOT analysis, exploring how to identify their strengths, weaknesses, opportunities, and threats. By understanding why customers might choose competitors, business owners can refine their strategies to stand out in the market. Tune in for valuable insights on creating a robust supply chain and leveraging competitive analysis to boost your business success.
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