Ep 18. Managing Supply and Suppliers

In season 1 episode 18 of Critical Business Skills for Success, viewers will learn about the importance of managing supply and suppliers in any business. The episode begins by introducing the concept of supply chain management and how it relates to the success of a company. The host emphasizes that a company's ability to manage supplies and suppliers can make or break its success.

The episode then delves into the various aspects of managing supply and suppliers, starting with the selection of suppliers. The host explains that choosing the right suppliers is crucial for a company's success, as it affects the quality of the products and services offered. The episode explores various criteria that should be considered when selecting suppliers, including their pricing, quality, reliability, and responsiveness.

Once suppliers have been selected, the episode moves on to discuss how to manage the relationship with them. The host explains that effective communication is key to maintaining a good relationship with suppliers. The episode explores various communication strategies, such as regular meetings, site visits, and joint planning, to ensure that suppliers are meeting the company's needs.

In addition to communication, the episode emphasizes the importance of setting clear expectations and standards for suppliers to follow. The host explains that by setting clear expectations, companies can avoid misunderstandings and ensure that suppliers are delivering quality products and services on time.

The episode also covers the role of technology in managing supply and suppliers. The host explains how technology can help streamline the supply chain, improve communication, and provide real-time data on suppliers' performance. The episode explores various technology solutions, such as supplier portals, e-sourcing tools, and inventory management systems, that can help companies manage their supply chain more effectively.

The episode concludes with a discussion on the importance of continuous improvement in managing supply and suppliers. The host explains that by continually evaluating the supply chain and supplier performance, companies can identify areas for improvement and make changes to improve their operations.

Overall, season 1 episode 18 of Critical Business Skills for Success provides a comprehensive overview of managing supply and suppliers. Viewers will learn about the importance of selecting the right suppliers, effective communication strategies, setting clear expectations, leveraging technology, and continuous improvement. Whether you are a small business owner or a large corporation, this episode will provide valuable insights into managing your supply chain and suppliers.