When starting a business, the first goal is to get customers and satisfy them with the product you want to offer them, invoking the holy “Customer is king”. But we should also never forget that if the customer is King, the supplier may very much be the Queen, making the whole business possible and working. Having a smart behavior to your suppliers and treating them as equal will only bring you benefits you can’t miss.
Here are 7 reasons why you should care more about your suppliers.
1. Strong partnerships create more trust
Weaknesses in your supplier chain can be expensive and even critical for you. Trust is needed to get through tougher times and having trusted suppliers and partners at your sides will be the best assets you can have. Building this trust is a daily work you have to do, based on an open and honest communication. A trusted supplier will also feel valued and will also trust you. It’s a win-win-situation for all parties.
2. A better partnership brings a better service
The better your partnership with your supplier is, the better the service of your supplier will be. A satisfied supplier who feels valued is much more willing to fulfill your requirements and your last minute demands. Having a partner to count on is vital for any business. Take the first step!
3. Improving and innovating with your supplier
Improving a product and its production is the aim of every business. Working closely together with your supplier can be one of several approaches to reach this goal. By actively and openly communicating with your supplier, you may find solutions to reduce your production costs or make it more efficient you haven’t thought of before. Maybe a better packaging or a more efficient way to communicate and share your documents? Start the discussion!
4. Potential better deals
Communicating and treat your suppliers as equal will always be a better initial situation for future negotiations. They are business partner who also want your business to work. If you have a strong partnership based on trust and communication, you may be able to get better deals or longer payment period for example. But be careful: don’t start this shortly before a new negotiation. It would lose its impact and credibility and will not necessarily improve your partnership with your supplier.
5. A strong partner helps you saving
A good partnership features responsivity and adaptability. It means no reminder to send, right document and information after the first request but also in-time orders and payment. Help yourself and save time, money and energy.
6. Good reference brings new clients
Having a good partnership with your supplier will tell more about your company than you think. Do you only use sustainable material or value fair trade? Do you have good reviews from your business partners? A good partnership to your suppliers will stand for a sense of responsibility and become a symbol of your company. Being aware of the importance of your suppliers in your product and supply chain will have a deep impact for potential new clients and when prospecting for other suppliers.
7. Cheaper to keep a supplier, than to look for a new one
Every business knows how hard it may be to find a new supplier who fulfils all the conditions required for their product (price, delivery time, quality, etc.). Working on your existing partnership with your current supplier and improve the quality level of your products and services, even if that means work for you as well, may actually be cheaper than looking for a new one. Even if some expenses are needed on your side, improving the weak links of the chain will be an investment you won’t regret on the longer run.
So, ready to improve your partnership with your suppliers?