We were lucky to catch up with YoLi De La Mora recently and have shared our conversation below.
Hi YoLi, thanks for joining us today. How did you find your key vendor or vendors? Maybe you can share the backstory and share some context and the relevant details to help us understand why you chose them, why they chose you, etc.
The Business Consultant in me loves this question. Having key vendors is the foundation of any business and thorough research is essential. I hope those who are about to begin this process take notes on this one.
When I needed to find key vendors like manufacturers or distributors for my business I started by clearly defining what I needed from a vendor. This included specifications, quantities, quality standards, and delivery requirements. I conducted extensive market research that involved searching online directories, attending industry-specific trade shows, and reaching out to industry associations for recommendations. Referrals from fellow business owners in my industry also proved invaluable. With a long list of potential vendors, I carefully evaluated each one based on criteria like reputation, capabilities, location, pricing, and their willingness to work with a business of my size.
I reached out to my shortlisted vendors to initiate discussions. This often involved sending inquiries, requesting quotes, and gathering information about their products or services. As proposals and quotes started coming in, I diligently reviewed them. My assessments considered multiple factors, including cost, quality, lead times, payment terms, and the vendor’s responsiveness to my inquiries. Once I had a vendor that checked all the boxes, I entered into negotiations. I then conducted due diligence on my chosen vendors. This involved speaking with references, touring their facilities (if possible), and assessing their financial stability. Ensuring that they aligned with my business’s values and goals was a key part of this process.
After successful negotiations and due diligence, I drafted a comprehensive contract. The contract detailed all agreed-upon terms, expectations, and responsibilities, including deliverables, timelines, and dispute resolution mechanisms. Whenever feasible, I started with small initial orders or a trial period to assess the vendor’s performance and product quality firsthand
Knowing What I know, I would Emphasize The Following:
I cannot stress enough the importance of thorough due diligence, especially regarding the vendor’s financial stability and reliability. This will help mitigate risks down the road.
A Few Things I’ve Learned:
The importance of having clear, well-structured contracts, understanding that establishing contingency plans for supply chain disruptions or unexpected events is vital, building a strong, open, and collaborative relationship with key vendors is an ongoing process, and regularly assessing their performance and addressing any issues promptly contributes to a more successful partnership.
Why I Went With Them:
I chose my vendors because they demonstrated a high level of expertise and the capability in producing the goods or providing the services I needed. Their track records in delivering quality products was evident through client testimonials and industry reputation. Their pricing was competitive and aligned with my budget, without compromising on quality. Each vendor also showed a willingness to accommodate my specific requirements. Each were open to negotiation and customization, making it clear that they were adaptable to my business needs. Through due diligence, I confirmed that each vendor had a reliable track record of meeting deadlines and delivering orders on time. Lastly, they were all responsive to my inquiries, provided clear information, and maintained consistent contact throughout the negotiation process. Communication is my love language!
Why They Made The Deal with Me:
Mutual benefits, alignment with values, profitable opportunity, positive relationship and commitment. Ultimately, the decision to go with these vendors and their decision to make the deal with me were based on a combination of practical considerations, financial viability, and a shared commitment to success. This alignment of interests and values formed the foundation for our productive and mutually beneficial business relationships.
YoLi, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
I am a Visionary Event Planner and Business Consultant. I’ve dedicated nearly two decades of my life to the event planning field, and it’s more than just a profession for me; it’s a passion that runs deep in my DNA. The art of event planning, design, and production has always been my calling. My journey began with a love for creating unforgettable experiences through meticulously crafted events. Over the years, I’ve honed my skills and embraced every facet of event planning. I’ve seen the industry evolve, and I’ve evolved with it, always striving for excellence. My career path took an entrepreneurial turn as well. Over 15 years, I ventured into several businesses, each one adding to my knowledge and experience. These ventures not only broadened my horizons but also taught me invaluable lessons about entrepreneurship. Around six years ago, I decided to shift gears and specialize in business-to-business consulting, with a specific focus on startups in the dynamic worlds of hospitality and art. It’s a realm that I’m deeply passionate about, and it’s where I believe my expertise can make the most significant impact.
My Services and Creative Works:
As an Event Planner, I offer a comprehensive suite of services that encompass Event Planning, Design, and Production. My goal is to turn my clients’ visions into reality, crafting experiences that leave indelible marks on those who attend.
My specialty lies in startups, where I thrive on solving the unique challenges they face. Whether it’s navigating complex event logistics, honing their brand identity, or finding their place in competitive markets, I provide strategic guidance and innovative solutions that set them on the path to success.
What truly sets me apart is my unwavering commitment to my clients’ success. My extensive experience, combined with an entrepreneurial spirit and a deep understanding of the event, hospitality, and art industries, positions me as a trusted advisor. I don’t just plan events; I create experiences that leave lasting memories and drive business growth.
My journey is a testament to my passion, dedication, and the remarkable transformations I bring to my clients’ endeavors. With me by their side, startups in the hospitality and art sectors find not just a consultant but a partner who shares their vision and is committed to helping them thrive.
How do you keep your team’s morale high?
Oh wow. This is my favorite part and I urge those in leadership roles to take note; Without a happy team, our passions turn into ‘work’. Nobody likes work, but we all enjoy doing what we love. Communication Is key! Even if I overdo It, I’ve learned that open, honest, and frequent communication is the foundation of a cohesive and motivated team. I have to admit, I’m sometimes known as an ‘over-communicator’, but the majority of people I’m in contact with respect this flaw of mine. While it might occasionally mean an extra email or meeting, it ensures that everyone is on the same page, reducing misunderstandings and enhancing clarity. I also lead by Example by fostering a Collaborative Environment, providing growth opportunities, offering flexibility, setting clear goals & expectations, addressing concerns promptly, encouraging feedback and finally, I lead with Empathy. Empathy is at the core of my management style. I strive to understand my team members’ individual needs, challenges, and aspirations. Showing empathy fosters trust and strengthens morale. Maintaining high team morale is an ongoing effort, and it requires a balance of leadership skills, emotional intelligence, and a genuine commitment to the well-being and success of each team member. To me, my team isn’t just a group of colleagues; they’re my family, and that sense of closeness and support is what drives our collective success.
Have you ever had to pivot?
I embarked on a remarkable journey as a business owner, providing a range of services to the mainstream market. For years, I dedicated myself to this endeavor, honing my skills, expanding my reach, and building a thriving business. Yet, as time passed, a subtle transformation began to take shape within me, one that would lead me down an entirely new path. It all started when I began to notice a growing sense of fulfillment and passion for something beyond the daily grind of running my service-based business. I had been through the entrepreneurial trenches countless times, starting and nurturing various ventures over the years. Through these experiences, I had not only gained expertise but also accumulated a treasure trove of knowledge about the intricacies of business ownership.
One day, it struck me, I realized that my true calling lay in helping others embark on their own entrepreneurial journeys. The satisfaction of assisting budding entrepreneurs in turning their visions into reality, just as I had done so many times before, became an irresistible pull. I felt a deep sense of empathy for those who were eager to take the leap into entrepreneurship but were often overwhelmed by the complexities of getting started. They needed guidance, support, and practical advice from someone who had walked that path and thrived. With unwavering determination, I made the pivotal decision to switch it up. I transitioned from being a service provider to becoming a mentor, consultant, and educator. My mission was clear: to empower aspiring entrepreneurs with the knowledge, skills, and confidence needed to launch their businesses successfully. I began offering workshops, coaching sessions, and resources aimed at demystifying the world of entrepreneurship. I shared my hard-earned insights on everything from business planning and marketing strategies to financial management and overcoming common challenges. Each interaction with these budding business owners fueled my passion and reminded me of the satisfaction that comes from helping others achieve their dreams.
As I watched my students, mentees, employees and clients thrive, I knew I had made the right choice. My business had transformed, but so had I. My new path was not only financially rewarding but also personally fulfilling in a way I had never imagined. In the end, my journey from just a mainstream service provider to also a mentor, consultant, and educator was a testament to the power of following one’s passion and embracing change. It has allowed me to share my wealth of experience, support others in their entrepreneurial endeavors, and to do all the things that have true meaning in my own life’s work.
Contact Info:
- Website: www.toastandkiss.com
- Instagram: Instagram.com/everythingyoli
- Other: www.everythingyoli.com
Image Credits
@Khotan