As the owner of a startup in the medical, aerospace or automotive industry, you have probably spent a significant amount of time creating a detailed business plan and lineup of products and services. Your manufacturing facility is ready to go and you are in the process of hiring an enthusiastic team to assist as you launch your company.
While these are all extremely important parts of starting a new business, it is also important to get a solid handle on ordering the custom parts that you will need to manufacture your products. The last thing you want to have happen is to be unable to fulfill orders because you ran out of raw materials.
To help intelligently and efficiently order custom parts in bulk for your startup, consider the following tips.
Order Well Ahead of Time
As CEO Blog Nation notes, be proactive about ordering custom parts in bulk, placing your orders well in advance of when your supplies will run out. This advice is especially true now, with the current supply chain issues. If possible, order from local or national companies; this way, your order will not end up being delayed in customs. Each vendor that you work with should be able to give you a good estimate of when the products will be sent out; keep a detailed log of this information as it will help you create a schedule for reordering.
Measure Twice, Order Once
Before submitting any orders for custom bulk parts, double and even triple check that you have everything measured correctly. As TechinPost says, work with your team to be sure you have the most up-to-date prototype of your product and that it has been well-tested to be sure it’s the model you wish to sell. This way, you can rest assured that you are placing a high volume order for parts that you will actually use, rather than on pieces for the incorrect prototype.
Work With Reliable and Reputable Manufacturers
This may seem like an obvious tip, but in too many cases, new business owners may understandably be tempted to go with an incredibly low-cost vendor who sells shoddy merchandise. Do plenty of research — both online and by contacting references — and work with companies that have stellar reputations and are committed to providing the best possible products. This advice holds true from the largest pieces of equipment to the smallest. For instance, if you use o-rings in your startup, working with an established company like Apple Rubber will ensure you get the exact sizes and access to high-quality materials like Viton fluorocarbon for your machinery. As a bonus, they are easy to custom order in bulk, so you will not have to worry about running out of these crucial components.
Get to Know Your Inventory
As your startup starts to take off, you will probably have certain products that sell faster than others. Before placing a new bulk order, walk back into the inventory room and double-check your stock. You may be surprised to see that certain materials are still in good supply and do not need to be re-ordered quite yet, while other orders need to be increased. This step will prevent you from spending hard-earned money on automatic re-orders on items that are not needed at this time.
Well-Stocked Components Equals a Successful Startup
You have put too much time and effort into launching your company to have it challenged by a lack of custom parts. Fortunately, creating an efficient and organized ordering system is not difficult. By staying on top of your custom part needs and placing orders well in advance, making sure you have the current prototypes available, working with only the best possible companies and adjusting your bulk orders as needed, your company should be able to keep up nicely with orders and enjoy a great deal of financial success.