From the course: Creating a Business Plan
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Manage suppliers
From the course: Creating a Business Plan
Manage suppliers
- Suppliers are an important part of your business, and you need to explain how you're going to manage those suppliers. In my view, you should do what you're great at and focus on your core competencies, and then partner or outsource everything else. This is a critical strategic concept. And if you'd like more detail on it, check out my Strategic Planning course, where I cover how to think about your core competencies and how to leverage them in the marketplace. For your business, as you write your business plan, think through what your major inputs are to making your product. And then, who are the suppliers? Do you have backups for those suppliers? Do you have a diversity of sources to mitigate supplier risk? How are you going to manage the costs of the things you buy from your suppliers? Do you intend to have long-term contracts? Will you conduct a scheduled bid? Will you have any partners, joint ventures,…
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