Supply & Demand – You Demand, They Supply

There is one thing in business that is so vital to success, and that is the relationship that you have with your suppliers. A good supplier relationship doesn’t just lead to future discounts and generous terms, it leads to improved availability and the potential for buyback. Your supplier relationships are as important as any other relationship that you have in your business, and until you understand that, you can’t hope to cultivate a relationship that is full of respect and equality.

 

You can’t just research a supplier of choice for your business, start buying and then believe there is a relationship there. It doesn’t work that way. Your suppliers can speak favorably of your business and if you aren’t working hard to maintain those relationships, you can find that your business is spending more money on what it needs than is necessary. Investing time and effort into relationships with your suppliers is going to serve your business well. It’s all about building strong bridges that you can rely on.

 

Imagine if times get tough for your company and you can’t manage to pay your invoices. Well, a good supplier relationship can mean flexibility on those payments as there is a trust rating that has been built. You may think it’s all about supply and demand, with you doing all the demanding, but you need your suppliers more than they need you, and it’s important that you appreciate that.

 

If you are running a healthcare business, you need to know that you’ve got the right products on hand when you need them, and you can find out at Kemper how you can go about getting the best price for your healthcare items. You need to know that you have a supplier that you can rely on but to be able to do that, you need to treat your suppliers with respect.

 

You must – where you can – pay on time and as expected.

 

When you are late with your payments, you’re immediately viewed as unreliable and fickle, and people don’t want to work with companies that don’t pay their bills. You will become a customer that is known to be trustworthy and helpful. You should also set clear goals that are achievable with your suppliers. If you can provide your wholesalers with estimates that you hope to stick to, your supplier can plan correctly and be able to meet your expectations on time.

 

Your supplier won’t have you as their only customer, and it’s important to understand and appreciate that when you can, because you won’t be the only company that they deal with. Patience is imperative, but it works both ways to meet expectations. Learn what your suppliers need from you and then meet those needs where you can. You want to foster a good, long-lasting relationship and it’s important that you work on those together.

 

Suppliers are going to be able to feedback on your strong convictions to other suppliers; people talk. Get your relationships on track from day one and you’ll never look back.

 

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Elita Torres

I have over 20 years experience as a leader, first as a General Manager for several Big Box retailers with over 100 employees, then as a district manager overseeing an average of 23 stores. Currently, I am a Sales Director overseeing 4 Districts. My passion for leadership and personal development has led me to share my journey in a Blog. Find out more on http://www.leadgrowdevelop.com/about/