{"id":94513,"date":"2025-06-05T17:47:26","date_gmt":"2025-06-05T21:47:26","guid":{"rendered":""},"modified":"2025-06-05T17:47:28","modified_gmt":"2025-06-05T21:47:28","slug":"thinking-about-securing-new-supplier-for-your-business","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/thinking-about-securing-new-supplier-for-your-business\/","title":{"rendered":"Thinking About Securing a New Supplier for your Business? 5 Questions to Ask Yourself \u2013 and your Potential Supplier"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\"><\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>As you consider adding new suppliers to your network, it\u2019s important to understand the status of your current relationships, including existing contracts and revised pricing<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Having clarity on the risks involved in switching or adding suppliers can help you make informed decisions<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Making changes to your supply chain may require an assessment (and possible revamp) of your onboarding processes<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Asking the right questions of potential suppliers can help you determine if they\u2019re the right fit for your business.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>If you\u2019ve owned a business over the last five years or longer, you may be getting a sense of d\u00e9ja-vu: once again, small- and medium- sized businesses in Canada are facing supply chain challenges. Tariffs, geopolitical conflicts, climate change, labour shortages and cyber-attacks are all causing disruption today \u2013 and contributing to the notable <a href=\"https:\/\/www.statista.com\/statistics\/1343193\/issues-in-b2b-procurement-united-states\/\" data-dig-id=\"LP-94513-44c4ddc1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"19% of B2B buyers\" class=\"rbc-link-format\">19% of B2B buyers<\/a> who state they are currently struggling with supplier relationships. Such challenges can result in a shortage of materials, increased costs or delayed deliveries.<\/p>\n\n\n\n<p>In response to past disruptions, many Canadian companies have adjusted their supply chain strategies \u2013bringing on local suppliers, holding more inventory and expanding their network. Is it time for your business to pivot? If you\u2019re thinking of changing or adding suppliers, there are a few factors to keep in mind. Here are questions to ask yourself \u2013 and new potential suppliers \u2013 to help guide your conversations and support a smooth transition to a more resilient supplier approach.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-questions-to-ask-yourself-before-securing-a-new-supplier-for-your-business\">5 Questions to ask yourself before securing a new supplier for your business<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-how-dependent-are-we-on-our-current-suppliers\">1. How dependent are we on our current suppliers?<\/h3>\n\n\n\n<p>If you\u2019re thinking of switching from an existing supplier, it\u2019s important to evaluate how bound you are by current relationships. Here\u2019s what to examine before making any decisions:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Existing long-term contracts that may be difficult or expensive to break<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Exclusivity clauses that could prevent you from taking your business elsewhere<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Custom-built systems \u2013 such as proprietary technology or co-developed solutions \u2013 that tie you to your current supplier<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Specialized or optimized equipment to align with your current supplier, which may require you to retool should you switch<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-are-there-risks-to-switching\">2. Are there risks to switching?<\/h3>\n\n\n\n<p>Knowing the \u201cwhat ifs\u201d is vital before making any business decision, and the same holds true if you\u2019re thinking of switching suppliers. The following are considerations to keep in mind:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-reputational-risk\">Reputational risk<\/h4>\n\n\n\n<p>Your business is built on your reputation, and the conduct of your suppliers plays a role in how you are perceived to your customers and other stakeholders. If a supplier\u2019s ESG, labour or privacy policies don\u2019t meet your standards \u2013 or your customers\u2019 expectations \u2013 your reputation could take a hit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-loss-of-relationship-capital\">Loss of relationship capital<\/h4>\n\n\n\n<p>Strong supplier relationships aren\u2019t built overnight and over time you build goodwill \u2013 goodwill that could translate to flexibility, favours and problem-solving during challenging situations. Keep in mind, however, that a new supplier will likely be eager to win your business. When you switch to a new partner, make sure they are willing to above and beyond for you and could fulfill your needs if things don\u2019t go as planned.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-unproven-quality\">Unproven quality<\/h4>\n\n\n\n<p>When bringing a new supplier on board, you won\u2019t be familiar with the quality of the product or the service they\u2019re delivering. Consider asking for samples or mockups so you can test before you buy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-cyber-risk\">Cyber Risk<\/h4>\n\n\n\n<p>Suppliers can be a weak link in your cybersecurity chain. If their practices aren\u2019t up to standard, your business may be exposed to breaches, data loss or operational disruptions. It&#8217;s essential to ensure any new partners meet your cybersecurity and asset protection expectations.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-loss-of-competitiveness\">Loss of Competitiveness<\/h4>\n\n\n\n<p>Expanding your supplier base may inadvertently level the playing field with competitors \u2013 especially if you end up relying on the same vendors. Consider how this move could impact your ability to differentiate, and what your new competitive edge will be.<\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Take a look at our Scenario Planning webinar recap and learn how to build these \u201cwhat ifs\u201d into your business plan.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/rbc-small-business-talks-incorporating-scenario-planning-into-your-business-plan\/\" data-dig-id=\"LP-94513-2b12361f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Scenario planning webinar recap\" class=\"rbc-link-format\">Scenario planning webinar recap<\/a><\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-how-long-can-we-manage-with-our-current-supplier\">3. How long can we manage with our current supplier?<\/h3>\n\n\n\n<p>A recent RBC poll found that 70% of respondents confirmed they are now paying more to their suppliers in light of tariffs. Before shifting away from a supplier relationship that works, take some time to understand the impact of staying the course. Here are some questions you\u2019ll want to answer:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Even if their prices have gone up, is it still in your best interests to continue working with your current supplier, especially if you have a great relationship? Can you manage with higher costs over the short-term? What if costs stay elevated over a longer term?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>What are the external factors driving up costs? Would you face the same cost increases with another supplier?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Are there ways you can adjust your product line to accommodate cost increases?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/crafting-chocolate-cultivating-community-how-cocoa-bistro-has-become-a-local-treasure\/\" data-dig-id=\"LP-94513-8690475f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"See how\" class=\"rbc-link-format\">See how<\/a> Audrey Brown, owner or Cocoa Bistro, has adjusted her product offering to cope with the rapidly increasing cost of chocolate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-do-we-have-the-capacity-to-bring-in-new-suppliers-and-have-the-right-onboarding-processes-in-place\">4. Do we have the capacity to bring in new suppliers and have the right onboarding processes in place?<\/h3>\n\n\n\n<p>Adjusting your supplier network may not be as easy as flicking a switch. As you consider making a change, evaluate whether you have established supplier onboarding practices that can make for a seamless transition. If not, will you face delays in receiving deliveries and processing inventory?<\/p>\n\n\n\n<p>Also, consider whether you have the technology and processes lined up that make it easy for a new supplier to work with you. If they face obstacles, they may not want to continue the relationship.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-how-diversified-do-we-want-to-be\">5. How diversified do we want to be?<\/h3>\n\n\n\n<p>What\u2019s your game plan? Are you thinking of adding to your roster of suppliers, or simply replacing the ones that aren\u2019t working for you? Diversifying your supplier base can bring both upside and complexity.<\/p>\n\n\n\n<p>For instance, adding more suppliers can help you hedge against disruption. A robust supplier base can even offer negotiation leverage \u2013 if suppliers know they\u2019re not the only ones being considered for a job, they may trim prices or offer other perks to gain your business.<\/p>\n\n\n\n<p>On the other hand, do you have capacity to manage more relationships? Will it be more difficult to maintain alignment with your standards and values if you have more suppliers to manage?<\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-rbc-tariffs-navigator-for-business\">RBC Tariffs Navigator for Business<\/h2>\n\n\n\n<p class=\"has-text-align-center\">includes resources to help you and your business remain adaptable and ready for whatever the future will bring. While the future may be turbulent, you\u2019ve got this \u2013 and we\u2019ve got your back.<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-canadian-businesses-can-navigate-tariffs-and-todays-dynamic-economy\/\" data-dig-id=\"LP-94513-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Tariffs Navigator-https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-canadian-businesses-can-navigate-tariffs-and-todays-dynamic-economy\/ \">Tariffs Navigator<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-five-questions-to-ask-potential-suppliers\">Five questions to ask potential suppliers<\/h2>\n\n\n\n<p>To make an informed decision about adding new suppliers to your network, you want to learn as much as you can about them. Here are five questions to ask potential suppliers that can help you determine if they\u2019re a good fit for your business:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-who-are-your-suppliers\">1. Who are <em>your<\/em> suppliers?<\/h3>\n\n\n\n<p>You want to have a good sense of their supply chain \u2013 and the confidence that they have a good handle on their full roster of suppliers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-what-are-your-esg-and-sustainability-practices-and-how-do-your-suppliers-uphold-them\">2. What are your ESG and sustainability practices \u2013 and how do your suppliers uphold them?<\/h3>\n\n\n\n<p>Do they have a supplier code of conduct in place that helps align their suppliers to their values? Further to this, how do they track for ethical sourcing and labour standards?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-how-do-you-handle-disruption\">3. How do you handle disruption?<\/h3>\n\n\n\n<p>Ask if they have experienced disruption in the past and how they have handled it. You also want to understand how well-thought-out their contingency plans are. After all, just as you have to be nimble to accommodate disruption, you need your suppliers to be able to adapt too. Assessing their ability to adjust to changing conditions and customer needs is an important step.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-what-cybersecurity-and-loss-prevention-practices-do-you-have-in-place\">4. What cybersecurity and loss prevention practices do you have in place?<\/h3>\n\n\n\n<p>Cybersecurity and physical asset protection is a big risk in supplier management \u2013 suppliers often have access to sensitive financial and business information, never alone your goods and future inventory. Weak links in their systems could give criminals a way into your business.<\/p>\n\n\n\n<p>To that end, be sure to ask about their IT safeguards and employee training. Also, find out if they have been breached in the past. If so, how did it happen, how did they handle the incident it and what measures have they put in place to mitigate future risk?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-what-are-your-payment-terms-and-contractual-obligations-eg-insurance\">5. What are your payment terms and contractual obligations eg insurance?<\/h3>\n\n\n\n<p>You may be enjoying favourable terms and rates with your long-standing suppliers. All suppliers are different, and it pays to understand the potential supplier\u2019s financial terms and conditions. While negotiation hasn\u2019t started at this point, ask them to share their base-line payment terms, insurance, shipping practices, and other processes that will affect receiving your product on-time and above board.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bonus-question-to-suppliers-can-you-provide-references\">Bonus question to suppliers: Can you provide references?&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/h3>\n\n\n\n<p>References can help you determine the quality of a supplier\u2019s product and service. By speaking with other customers, you can learn best practices and tips for optimizing the relationship<\/p>\n\n\n\n<p>Your suppliers are vital to the success of your business. Evaluating your current relationships \u2013 in light of tariffs, the geopolitical landscape and climate impacts \u2013 can help you continue meeting demand and the expectations of your customers.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Several factors are creating supply chain challenges for Canadian businesses. Need to switch suppliers? Here are questions to ask before making a change.<\/p>\n","protected":false},"author":112,"featured_media":94522,"parent":57331,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[581,157],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[],"rbc_difficulty_level":[33],"rbc_mmm_category":[305,384,391,324,326,390],"class_list":["post-94513","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-commercial-economy","tag-entrepreneur","rbc_content_type-article","rbc_audience-business-owners","rbc_difficulty_level-beginner","rbc_mmm_category-business","rbc_mmm_category-business-planning","rbc_mmm_category-commercial","rbc_mmm_category-managing-your-business","rbc_mmm_category-right-sized-business-advice","rbc_mmm_category-small-business"],"acf":{"contently_publication_id":"","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Several factors are creating supply chain challenges for Canadian businesses. 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