Are Your Vendor Partnerships Driving Your Business?
A healthy vendor partnership brings great value to your organization…if it’s the right relationship. How do you know if it is a good fit? As you evaluate your vendor relationships, you may want to ponder these questions: Is this vendor helping my business? Are they a strategic partner in driving business? Do they add value and move our business forward?
Here are 5 keys to a successful vendor partnership that will add value and move your business forward:
Consider Expectations – As you seek competitive bids for a vendor to support your business operations, it is crucial to set clear expectations. While you may be ready with those you seek in a vendor, you will want to review the expectations they have for you. When you both are informed and transparent, the commitment is set up for success.
Strategize Collectively – Your vendor is the expert. You selected this company because you trust in and depend on their knowledge. This expertise is a vital part of your strategy. Invite your vendor to key meetings and watch your collaboration set you apart from your competitors.
Communicate Goals – When you share your company’s approach and game plan with your vendor, you are allowing your goals to be met efficiently. Your vendor is a part of your team. Knowledge of planned organizational, facility, product or service additions or changes will provide you with an ally ready to simplify your steps.
Build Partnerships – You can expect a high return on investment when you look to build lasting partnerships with your vendor. Each time you change vendors for cost reduction you run the risk of losing quality, expertise and valuable time.
Learn Together – As your vendor seeks to learn about your business, commit to understanding theirs. Your partnership is a two-way street that will be most effective if you grasp their business. What you learn may open up doors that will better serve your needs – from resources to expertise.
When it comes time to choose a vendor and negotiations are in play, remember the mutually beneficial agreement may not be the lowest priced option. The quality you desire likely will be reflected in the investment level. Combine this information along with these 5 keys and your vendor partnership will thrive.