Business

Practical Tips to Maintain Good Working Relationship with Your Suppliers

Many small businesses, especially startups, try to have good working relationships with their customers but may forget and even neglect their suppliers. Your supplier plays a crucial role in the success of your business and can’t be overlooked. Creating a good working relationship with them is a fundamental part of your survival and success.

Suppliers also provide businesses with trade secrets, intelligence, and better deals when enough relationship is built. Here are a couple of tops you can apply to maintain a good working relationship with your supplier(s).

Healthy communication. All good relationship starts with constant, healthy communication. Conduct consistent communication with your suppliers to create a foundation for establishing better relations. Create channels for two-way communication and keep in touch with your supplier beyond just the deals and demands. When there are issues, tackle them professionally on time.

Treat your suppliers as more than vendors. Sadly, many organizations treat their suppliers as nothing more than vendors in their beck and call. The truth is that suppliers prefer to be treated as partners. Ensure that you’re treating your suppliers with the respect they deserve and as an essential part of your business success. Inform them what’s going on to create a good relationship. Notify them about new products, key personnel changes, and even your special promotions & offers. Furthermore, listen to your supplier’s concerns and address them promptly.

Assess risks. Developing a habit of checking risks when dealing with a supplier is vital to a good working relationship. Inquire with them about their focus, track record, mechanism, crisis management, and references. Determine their experience and credibility from the data they provide. Examining the risks involved with your supplier will help you reduce risks and plan for different circumstances.

Be a good customer. Assess the things you prefer about your customers. It would be a combination of loyalty, feedback, advocacy, appreciation, and of course, timely payments. Similarly, be a good customer of your suppliers. Don’t settle for payment reminders. Give them appropriate feedback and be loyal. There are many benefits to having a good working relationship with your supplier.

Understand your suppliers. Some businesses do not expend time and effort to connect and understand their suppliers truly. Having a professional relationship with a supplier is easy, but you get more when you understand them. For one, your working relationship becomes more effective.

Spend time learning about your supplier’s business, their objectives, investors, how they operate. Make payments on time, send orders promptly, and give them the necessary resources. Understanding your supplier lets you align your company with theirs and grow together.

On-time and seamless payments

As specified above, making timely payments is one of the best ways to nourish supplier relationships. You will need a way to make international transfers seamlessly. One such way to send your money across the world within minutes is through telegraphic transfer (TT), which can be initiated through electronic channels.

Telegraphic transfer is designed for companies that need to settle international non-trade payments. The advantages of using TT include promoting a better relationship with your suppliers through faster settlement of payments in their required currency and reducing unnecessary foreign exchange conversion for them.

Developing a good working relationship with your suppliers is crucial to building a good relationship with your customers. It’s not difficult to establish a harmonious relationship with your supplier; follow these tips to help your business grow.

Related Articles

Leave a Reply


Back to top button