As business owners, we need to juggle lots of responsibilities on our plate. We often focus on quality control and customer service that we often neglect our relationship with suppliers. However, such a practice can affect the success of the company.
Maintaining a good relationship with suppliers should always be among the top priorities of every entrepreneur. There are many reasons why suppliers are essential for every business’s success. This also comes in handy when selling your company with the help of business brokers. By having a solid business relationship with your supplier, you get to enjoy the following perks.
Effective Communication
Picture this. You have no problems with regards to the communication. You can tell them the exact quality and type of goods you want to meet the demands of your customers. They can let you know if they can deliver according to your needs or if any adjustments are needed to meet the deadlines.
You can receive regular reports on time when it comes to production and delivery date. You get what you need, and they can make adjustments as needed. Both ends can relay messages and resolve problems effectively and immediately. Effective communication involves transparency – letting you and your vendor save more time, money and effort.
Quality Assurance
When you and your supplier are in great terms and can communicate effectively, you can optimise their performance as a vendor. You can easily track the quality of goods provided by your supplier. This means you get to receive high-quality products, maximise your efforts to offer high-quality products and increase convertibles.
Timely Delivery
It is true that suppliers can make or break your success. It doesn’t matter if you can provide the best goods and services in the region, or in entire Australia even. If you cannot deliver on time, there is a big chance that your competitors will be more successful than you.
Not having a good relationship with your supplier can lead to late deliveries of products. If you do not have the needed materials or services on time, you can lose your customers and income. How so? Since you lack the necessary elements to produce high-quality goods or requires what you need to provide the type of services they need.
New Ideas
There will be times when you’d be exploring innovations that your suppliers can be of great help to make it work. Since they know what and when you need it and how you want it, they can provide significant contributions for your new project. Your beloved supplier can help generate supplies and tweak their products to be a better fit for your new project.
Additional Financing and Discounts
When you’re a loyal customer, you get to have freebies and discounts, depending on the company. The same goes with your suppliers. If you stayed loyal to them and proved to be a considerate and consistent customer, they can help you financially. Some will give you considerations when it comes to late payments, give you discounts or even help with some finances like sponsoring, giving you loans and make investments on your company.
While relying on one supplier is not prudent, it only makes sense to take care of your relationship with your suppliers. Much like your customers and employees, they are valuable resources for your company. Appreciate them, and you will get to enjoy all the benefits that a good vendor relationship can give.
Extra Resources
https://www.wikijob.co.uk/content/interview-advice/competencies/communication
