Your business-to-business relationships need to be as strong as your customer relationships. To make sure you’re doing right by your vendors, it’s important to think of them as businesses just like yours. Remember that they need money to meet their financial obligations, just like your business does. Being trustworthy also goes a long way in keeping your vendors happy. Paying your bills on time is an easy way to keep your vendors happy. You might set up cloud-based bookkeeping software to pay your vendor invoices by the due date. If you work with a lot of vendors, you might think about hiring a dedicated vendor relations manager to give your vendors a point of contact in your business. Your vendor relations manager can get to know vendor reps by name and make sure they have all the information they need from your company to process orders and invoices. If something goes wrong, like an order you place doesn’t get delivered on time, it’s always better to negotiate a remedy rather than getting upset and pointing the finger. Treating your vendors with kindness and respect when they make mistakes can actually inspire them to want do more to keep you as a satisfied customer. Vendors are an important part of your success story. Keeping them happy means you’ll have the products and services you need to stay ahead of the competition.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.