A good relationship with a supplier can be profitable for both of you. Strong links with your vendors provides strategic benefits ranging from better prices to access to important business information and resources. This kind of partnership doesn't come easily. It needs to be nurtured over time. First off, you must choose the suppliers that best match your company's needs and culture. Next, you have to hold up your end of the deal by being a loyal and trustworthy customer. The tips below can help you through this process.
Go Beyond PriceNo company wants to overspend, but building a successful supplier relationship requires thinking about more than just price. The value of a vendor includes how well it is able to serve your company's needs, as well as the needs of your customers. When assessing potential vendors, consider a full range of factors, including:
- What does the company charge?
- How will it ship or deliver its products, and how much will that cost?
- Does it offer discounts or other incentives?
- How quickly can I expect my order?
- How well will it manage my account?
- How does it handle returns or other problems?
- Is it willing to customize orders or handle other special needs?