How to Eliminate Chaos in Your Business
The Importance of Good Supplier Relationships
Good supplier relations can be the difference between a mediocre business and a highly successful one.
You must find the best suppliers and establish good working relationships with them.
If you have many suppliers for the same or related products or services, you should consider cutting the number of suppliers.
A supplier’s concern is profitability and volume. They want to make as much money, move as many products, or contract as much of their services as possible, with minimal returns.
You cannot leverage a good price if you are working on low volume. If you cut down your number of suppliers, you will then buy more from your remaining suppliers. This will allow you to negotiate a better price and other benefits.
A Few Possible Benefits of a Good Supplier Relationship:
- The best selection of goods will be sent to you.
- Services provided by your supplier will be completed quickly.
- Your supplier will contact you first if a good deal appears.
- Special discounts.
- Long-term credit.
- Free shipping.
- Bonuses For Your Customers
As you can see, a good supplier relationship carries many benefits that you have the option of passing along to your customers. This translates into happier customers, who will keep on buying, and a stronger more profitable business for you.