Success in business is defined by relationships. Importers? Manufacturers/vendors? Wholesalers/distributors? All of them are your suppliers. Your company grows easier the more strong your business connection with each one.
LeelineSourcing, drawing on our extensive experience as a China sourcing agent dealing with millions of global suppliers, is happy to say: But here. We give it away free of charge.
Curious about anything that builds close ties with suppliers? Continue scrolling down.
Must you get along well with your supplier?
Any process of a company can be greatly influenced by suppliers. Supply chain management is their main responsibility. Unreliable suppliers can cause more than you think standstill in your production flow. On the other hand, a consistent one can grow your whole company.
Having a good relationship with important suppliers will help you to:
A good partnership can enable your company as well as suppliers to expand at scale. It’s a win-win situation. Therefore, over the long run, approach the correct manner to preserve and grow it.
Advantages of maintaining strong ties with suppliers
Lower Expenses
Working with suppliers helps businesses to reduce long-term expenses and save extra charges including:
Establishing new suppliers and re-verifying existing ones is costly and laborious.
Rather than paying administrative costs, more delivery costs… when dealing with third-party providers. Working directly with a vendor can help you cut expenses.
Minimize the risk of quality issues costing (vendor issues account for 52% of product recalls).
The fixed price set before helps to reduce price fluctuation as well in a long-term contract.
Boost Effectiveness
A quicker, more seamless supply chain can enable businesses to reach their performance targets.
Supplier efficiency is REALLY HIGH. All of this results from my confidence in the source and my labor.
Consistent interactions with reliable suppliers can help to streamline the payment administration system.
Ability to solve problems Dealing with a problem makes it simpler to look for good answers.
Strengthening supplier ties will enhance your whole system:
A Happier Group: From administration to customer services, every process is more managed with solutions like staff monitoring software simplifying activities and improving production. By means of feedback collection and identification of development areas, an efficient employee survey program can help to guarantee that staff members feel heard and appreciated. Your staff members will value your calculated approach. Your staff members will value your calculated approach.
The better your service will become the greater the bond you create. It builds a trusted relationship between you and a major provider.
How to build strong ties with suppliers?
Indeed, you are the consumer. Still, this does not imply the power is always with you. Every partnership is a two-way road. Being yourself is excellent. But to develop even better relationships, use these strategies. Ensure transparency and accountability across your supply chain with effective employee monitoring software like Controlio.
Select vendors in line with your vision
Finding the correct supplier takes time, but it’s better than wasting time altering it. Like intimate connections. Maintaining one with someone who lives by a different motto is not easy. When selecting vendors, think about their:
- Reputation, values, and positioning.
- Whether their goods or services fit your wish
- Do any return policies or warranties fit your own?
- Advice: Look at past client comments or testimonials.
Correspondence
Communication is the first step to build a good business partnership. The success of any business relationship depends on regular communication. You could choose online or offline contact via virtual mailboxes, using a second phone number, utilizing a service like Vonage or a Vonage alternative, or face-to-face meetings. Either way, to be successful in your communication efforts, I have noted some items. These items have a PROVEN track record for effective communication:
- Describe the duties and functions of both parties.
- Willing to tell suppliers your objectives. Inquire as to what would enable us to attain those objectives.
- Once a problem develops, both sides must talk and create a solution.
- Give comments following the solution’s implementation. It’s a natural component of mutual understanding.
- Open and honest communication is what drives everything.
Keep in mind that two-way communication guides the road to success in business-to-business interactions.
Take the initiative
Tackle ideas, worries, and problems head-on.
Be proactive in supplying order numbers, company information, and insurance certificates among other papers.
Be a good client
Imagine yourself in their position.
Consider what you desire in a dependable consumer and serve them accordingly. You have to understand what their wish is:
- Timely payment
- Making some deposits might help.
- Maintain your records to spare their time searching back.
- Respect your providers and they will gladly assist you.
Your loyalty is their present.
We get that money is important. Should a better offer arise, will you remain faithful to your present vendors? Were I in your position, I would not abandon them. It has several other advantages including DISCOUNTS.
You will do anything to build consumer loyalty. Same with those! Should your provider be performing well, show them your loyalty as a reward.
Prompt payment
Every business dreads cash flow. Great news! You can enable your supplier to alleviate their cash flow problems. Being the customer that consistently pays on time. That’s all. Understanding their core wants is not pending an invoice. Furthermore, after you complete the payment on time, you should not be concerned about delayed order fulfilment, late fees, or other such problems.
Recommend their excellent service
Ultimately, every company aims to expand and make more money. Express thanks to suppliers. If you had a positive experience with them, of course, recommend their companies to others to help your main supplier get leads. Your supplier will be glad to suggest your brand in return next time.
