Hot Tip: Supplier Relations
Jon Stocking, CEO of the $3-million, 15-employee Endangered Species Chocolate Co., in Talent, Oreg., knows he'll ruin his chocolate-bar products if he uses substandard ingredients. So whenever a prospective supplier calls hoping to win Stocking over with low prices, the CEO demands the right to refuse a supplier's shipment after a spot inspection of the product. If the supplier balks, Stocking knows it's not one he wants to do business with. If the supplier consents, he's also safe, since all he's committed to is looking at the product the instant it arrives at his door.