Improving your business relationship with your supplier is something you should continuously strive to work on and not let it slip by the wayside. Like a marriage, taking your supplier for granted or not treating them properly can lead to a breakdown in relations that can negatively impact your business. Having a good supplier relationship can lead to favorable prices, generous terms, and enhanced availability.Â
Although there are many forms of eCommerce, one of the most common types of online retailing has merchants purchasing products from wholesalers and selling those products at a reasonable premium to consumers. In a business model like this, the retailer becomes dependent on the supplier for setting prices, payment terms, shipping dates, and even the product availability. With that in mind, here are some steps to improve your relationship with your supplier and help your business thrive:
- Pay on time: Wholesale distributors and many product manufacturers work on thin margins so that cash flow is important to their business. A retailer, even a small one, which pays on time, as promised, becomes a trusted and respected customer. It will undoubtedly have a very positive impact on your relationship with your supplier.Â
- Create channels for consistent communication: You can improve supplier collaboration by using software that significantly increases your efficiencies with your supplies. Products such as Omnia Ecommerce can make all the difference in improving your business relationship with your supplier. By providing greater user experience, it can significantly improve your supply chain management, thus making relations between business and supplier easy and efficient.Â
- Remember that you aren’t the only client: Suppliers aren’t just working with your business; often they will have a number of clients who demand their time and efforts as much as you do. Give them the benefit of the doubt if your needs aren’t instantaneously met at all times, as there will be a reason and it is unlikely to be personal. This type of mutual understanding will create natural rapport and motivate suppliers to spend more time working with your company.
- Share information about your business: Your supplier relies on you as much as you rely on them. A great way to improve your supplier relationship is by keeping them aware of what’s going on in your company. If anything changes in key personnel, new products, and special promotions and so on, it is good practice to inform them in case it could affect them. More often than not, you’ll find that good suppliers can even help you find new customers!Â
- Build a friendship: Visiting your supplier’s offices illustrates how much you value their role in your business and that you don’t take them for granted. You can take this mutual respect further by including them in some of your strategy meetings, inviting them to an office party.Â
We hope these five steps will help you in building on and improving your relationship with your business supplier, and therefore the overall success of your business.Â