Almost every small business will rely heavily on suppliers at one point or another. Whether it’s stockist supplying products or materials or a software provider or marketing agency, these are the people and businesses that can help you grow your business. Maintaining good relationships with suppliers is imperative to ensure your business can operate seamlessly and you can best serve your customers. Here are five ways to keep great supplier relationships.
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5 ways to maintain supplier relationship management
Why is it important to have a good relationship with suppliers?
Suppliers do a lot more than simply sell to you. The right supplier can positively impact your business reputation, profitability and product or service offering.
When a supplier supports your business, they’re ultimately supporting their own business. Savvy suppliers know that having a good working relationship is mutually beneficial. With this in mind, they’ll work with you to understand your business needs and come up with creative and innovative ways to help meet those needs.
Once you’ve established a rapport with your suppliers, you can rely on them as key partners in helping you grow your business and maintain a healthy bottom line.
How to build relationships with suppliers
Most businesses have suppliers in one form or another. Whether it’s a company selling you goods or materials, a software vendor or an agency partner, these suppliers make your business a well-oiled machine.
Maintaining a good relationship with these companies is key to keeping your business running smoothly and providing a great customer experience. Here are five ways to build strong supplier relationships.
Choose the right suppliers
As with any other business or personal relationship, it’s important to find the right match. Think about what is most important to your business before you begin your search. For example, do you prioritise technological innovation? Speed of service? Quality products? Finding a supplier with the same goals and ethos is a crucial first step.
Also keep in mind that the cheapest solution isn’t always best. Instead, look for a supplier who can offer value for money – the best-fitting product and service offering at the right price. Do your research and check reviews before you sign on the dotted line.
Build a good rapport
Get to know your supplier and their processes. What are their payment terms? What documentation or paperwork do they need from you? What information should you include on a purchase order? Taking the time to understand their requirements and timeframes is essential to building a good rapport from the outset.
Be a model customer for your supplier and they’re more likely to go the extra mile for you when you need it. Many suppliers will even offer value-added support such as training, resources, marketing or account management.
Communicate regularly
Keep the lines of communication open. Stay in touch with your suppliers and schedule regular check-ins, even if it’s a quick email or 10-minute phone call. Talk through your business priorities, what’s working well and anything that needs to shift. At the same time, give your supplier the opportunity to provide feedback and process updates.
Frequent, transparent communication will help strengthen a solid foundational relationship, so you can work together to achieve success.
Refer business
Think about how you can help your supplier grow their own business. Do you know any businesses in non-competing industries that could benefit from partnering with your supplier? Referrals will earn you plenty of brownie points with your supplier, and they may even refer customers to you in return. During your discussions, talk about opportunities to help each other out. After all, your success is their success, and vice versa.
Show loyalty
While it can be tempting to jump from one supplier to another to find the best deal, remember that loyalty pays off. A great long-term supplier will have a deep knowledge of your needs and help find opportunities to add more value to your business. Not only that, but many suppliers offer discounts and deals to repeat customers – so you could save in the long run by showing your loyalty.
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