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It doesn’t matter who you are talking to, good relationships in business are key to success. You can have as many clients and supplier relationships as anyone else, but if you’re not managing these relationships correctly, you’re more likely to find that problems arise later on.
Having strong relationships with your suppliers doesn’t happen overnight. It takes a lot of work and time together to build something worth having, and any company stands to benefit from these secure relationships. It pays off to put in the time and effort to build meaningful and worthy relationships with your suppliers, and it’s important to stick with it every step of the way.
With that in mind, let’s take a look at five ways you can improve those supplier relationships.
Establishing the relationship between two companies isn’t always easy but with the right communication, you can make it work. You may think this is easy, but it’s difficult to master when you are new to business. There are ways to communicate effectively and respectfully, whether you are going to your supplier for cardboard boxes or butterfly valves. Understanding how to work with them is vital to your success, and you can open up the relationship to be more beneficial to you both when you communicate well.
Set Efficient Goals
You want something from your supplier, and they want something from you. The key is knowing what each other want and sticking to it. Having mutual respect comes from knowing what to expect from one another, so lay down those goals early on and you won’t be disappointed.
Be Financially Punctual
It doesn’t help your business if your clients are late paying you for your service, so as you can imagine, it doesn’t help your supplier if you are late paying yours. If you absolutely must be late with your payments, then you absolutely must tell your supplier that the payment is coming late. It’s respectful to let them know. It’s even better to not be late in the first place!
You are human, and your supplier is human, too. Instead of placing blame, always give each other room for mistakes. They happen and the best thing to do is to move past them with positivity and not blame. If something is your fault, own it and move on – and they’ll do the same.
There is always room for a cheaper option, a better option or just plain new pastures when it comes to supplier relationships. One of the most effective ways to avoid being complacent is to ensure that you are keeping up with reviewing your relationships. Review these against your budget and your expectations, and let yourself explore what else is out there. It doesn’t mean you have to leave a trusted supplier, it just means that you’re open to the things that will benefit you and your business.
Relationships are important for success: don’t take them for granted.