How to find a new Manufacturer & Supplier

Searching for a new supplier can mean lots of extensive research and hours of hours asking the big questions.

Here at Creditsafe, we've put together a how-to guide on what to consider when searching for a new manufacturer or supplier, and how using Creditsafe can help you accelerate the process.

Why would a company look for a new supplier?

Looking for a new supplier might happen because of things out of your control, or maybe you need to cut costs. A business would look for a new supplier for a number of reasons:

A supplier has entered liquidation - This is one of the more common reasons for a business to search for a new supplier, and unfortunately out of anyone’s control.
A supplier is consistently late at delivering goods - Inconsistencies can tarnish a relationship between a customer and supplier, especially when it starts costing your business.
Cost savings - As material costs grow for the supplier, as does the cost for the customer. It's good practice to maybe look at your suppliers' competitors from time to time and see if you can get a better price elsewhere.
Product quality - A change in the quality of materials might be a reason to look for a new supplier. Look for customer recommendations and speak to businesses that use a supplier you're looking at.
Supplier location - Coronavirus changed the way businesses trade internationally for a period of time, and with the increased cost of energy, longer transport times can mean added costs. Looking for more local suppliers could help reduce not only costs but lead times.

What to consider when looking for a new supplier

Comparing potential suppliers is a key part of the decision-making process, but what should you look out for when choosing a new supplier?

Shipping costs - Whether you're dealing with suppliers locally or internationally, shipping costs will vary per supplier.
Bulk order discount - Many suppliers will offer some sort of discount for bulk orders, so be sure to use this when negotiating a deal with a supplier.
Lead order times - Ask about their average lead times with their current customers and compare against other suppliers.
Customer referrals - Don't be hesitant to ask for customer referrals and see what they're saying.
Minimum/maximum order quantities - Some suppliers will have a minimum/maximum order value.
Run a credit check - Checking a suppliers credit report with Creditsafe can give you valuable financial information and an overall picture of where the business is at.
Write a shortlist - Shortlisting suppliers can help narrow down your search and make things easier.

Looking at new suppliers?

Access a free business credit report and have full visibility on a potential manufacturer or supplier you are looking to work with.

Free supplier check

How Creditsafe helps with finding new suppliers

Search

Search by company name or use our advanced search tools to find companies by business type and SIC code.

SIC codes

Find a list of all manufacturing & wholesale SIC codes by clicking the icon above.

Research

Verify if the company is registered, how long it has been trading, how many employees it has and its revenue and turnover.

Ongoing monitoring

If the supplier falls into financial difficulty, Creditsafe can alert you by email in advance giving you an early warning sign and providing the opportunity to find alternative suppliers if required.

Bank account verification

Creditsafe provide instant bank verification checks, allowing you to enter the suppliers bank account details and receive verification that they belong to the correct company.

International credit reports

Creditsafe provide access to credit reports in more than 160 countries, giving you instant access to new suppliers at home and internationally.