Your Vendors: How To Manage Them

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When a Business relationship with vendors is good, it can form a strong and strategic partnership that strengthens and develops your business.

Many businesses don't have the capability or skills that are needed to build marketing and sales in their business plans. Vendors can support businesses in this area. Vendors have the resources to tap into their expertise and provide guidance on how your business can promote your services. A vendor can give advice on which marketing goals should be a priority.

Establishing solid relationships with your vendors is crucial to staying competitive. This is true in both customer service and business growth. Take care of them and they will take care of you.

Two-sided relationships 

The relationship isn't a one-sided one. Both you and the Vendor need to engage with one another to establish in-depth growth and development plans. Hold one another accountable. Vendors can also help businesses execute strategic plans by providing services that may be out of reach. These could be marketing resources or technical recommendations. Vendor partnerships with strong foundations also lead to efficiency in operations. Having a good vendor allows you to reduce the number of resources required with simpler, automated processes. As you can tell, this is good for your bottom line.

A positive vendor lifts you up 

Vendors have lots of expertise and valuable advice to share with you. Whether they're forthcoming or not depends on the relationship you have with them. Just like any working relationship, a relationship between a business and a vendor is not just transactional. The traditional format of the vendor-buyer relationship is no longer enough to stay competitive. You both need to go much deeper than that. To have a vendor that lifts you up requires you to establish a two-way relationship and dialogue. Strive to help each other.

Both parties have key responsibilities. Vendors should listen to their clients to discover what services, support, and products they truly want. You, on the other hand, should engage proactively with the Vendor to gain access to price promotions, bundles, and Marketing tools. This will help you provide better services to your clients and stand above your competition.

How can you get more out of your Vendor? 

Often, small businesses don't have enough budget or time to plan and carry out marketing programs on a big scale. Vendors can plug this gap. You can ask vendors how they invest in making their client network a success. Another question to ask is, do they create activities for lead generation? To help support the vendors become actively involved in their promotions.

You need to work to make the most out of your vendor partnership. When dealing with a Vendor, articulate your needs clearly. In turn, your Vendor has to make it easy for you to have access to the materials and resources you need to sell your services. There is no place for being timid here. Ask the Vendor how they can help you and what the available support is. Examples of this might include payment plans with added flexibility or discounts to help with your cash flow.

Build your relationship 

Often, business owners are quick to criticize a vendor for not providing or offering the support that was expected. We must remember that this is a reciprocal partnership and a two-way street. The relationship needs to work for both parties. Sometimes, owners find that their Vendor isn't creating the positive effect on their business that they would like. For this to happen, you must engage fully with the Vendor to set achievable, common goals. Spending time to establish the right partner is an investment SMBs often can't afford to miss. Having a trusted partnership with a vendor impacts your company's success.

Collaborate with technology 

Simply listing each other's company on your website is not a collaboration. For the relationship to go deeper, it should involve the integration of technology. An intertwined technological relationship will open up ways to create more innovative services. Your vendors have a larger budget for research and development than you do. Being collaborative as a technology partner is an important consideration that many businesses can benefit from.

What if your Vendor is negative to your day-to-day operations? 

Strive to build and maintain good relationships with vendors. Remember, vendors also have to play a positive role in the relationship. Some vendors aren't good for your business and it's important to work with the ones that are. As describes, sometimes vendors alienate themselves by offering "channel" products that mean they have direct contact with your clients. You might even find vendors that offer competing products to the end clients or require them to sign contracts. This kind of 'offer' often suggests that these vendors are not interested in treating your business as a legitimate partner.

Final thoughts 

For best results, you need to become your Vendor's favorite partner. Essentially, you've got to find someone who wants to build a partnership that works two ways. If you need a little help managing your vendors, remember that we can do that for you. Contact us and we’d be happy to get the ball rolling.

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