Building Beneficial Supplier Relationships in 4 Ways
It’s difficult to find a good and reliable supplier — the one that doesn’t only provide quality products, but is punctual, competitive, and innovative as well. But, if you are already working with a supplier that answers to all of your needs, you must treat them right and with respect. Build a good relationship with your suppliers through the following practices:
Set clear and achievable requests
Be realistic and considerate when placing an order to your supplier. Consider their scope and limitations, especially when ordering in bulk with a tight deadline. Suppliers work with other companies, too. Ease the process and ensure delivery by providing adequate lead times.
Seek ways to improve the purchasing process
A reliable and up-to-date purchase order process allows companies and suppliers to be more transparent with each other. There are applications that can help both parties acknowledge receipt of purchase order, process payments, and fulfill special requests. SourceDay suggests making the most of these to improve business flow.
Always pay on time
Paying suppliers on schedule shows how professional and reliable your company is. Don’t discount the importance of payment schedules since suppliers rely on them, too. If you cannot pay on time, be honest to your supplier. Explain the situation and try to negotiate for a more favorable payment term.
Personalize the relationship by visiting your suppliers’ office and being familiar with contact persons. You can also invite them to office parties and include significant people in strategy meetings. With this, you are able to build a healthy relationship that goes beyond business. Be friendly and always communicate in a respectful and considerate manner.
Suppliers are essential in business. Without them, there are lesser products to create and innovate. Treat them as partners and give importance to your working relationship to ensure smooth and beneficial business operations.