Originally published September 2, 2015 , updated on September 17, 2024

Any project manager worth their salt will tell you that compiling a potential supplier list involves more than scanning through price lists and picking the cheapest option. Especially in the case of new businesses, potential supplier lists are of the utmost importance. And that’s because they lay the foundation for quality assurance. As a business owner, you need to be absolutely sure that the companies you add to your supplier list are able to comply with your demand. Also, by extension, to comply with the demand of your customers.

You need to deliver your product on time and at the right price in order to keep your reputation in good standing. You need to be sure that your potential suppliers are able to keep up.

Identifying a potential supplier list can be done in a variety of different ways. The most popular ways to source the necessary information are as follows:

• Word of mouth through employees and clients
• international seminars
• market analysis reports

Once you identify a large list of suppliers, it becomes necessary to separate the wheat from the chaff, so to speak.

Compile your potential supplier list based on the following criteria:

• Storage facilities
• Specific delivery methods
• Quality standards
• Return policies
• Terms and conditions of payments
• Order quantities
• Testimonials/references

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