“Growing Together” is what vendors would like to hear from any of their business partner or customers.
A satisfied vendor is the one who would always standby you and your business in critical situation and considers your success as their success.
Strong backbone makes a body posture look strong and stable. Vendors are the backbone of any business. Vendors are integral part of business and they play a very important role in overall supply chain.
Its quire essential to know how to keep your vendors satisfied –
- Find out what make them happy – which parameters
- Understand the current issues faced by them
- Ask them where you can do better
- Measure perceptual image of your company
- Compare your company’s performance with other companies
Factors that would influence vendor- customer relationship –
- Fair commercial policies
- Integrity in business dealings
- Ethical practices
- Supportive leadership
- Clarity of communication
- Understanding capabilities of the vendors while placing an order
- Assurance of the regularity of the business
- Timely payment
- Support and co-operation as and when needed
- Technological advancement – make vendors upgraded with latest technology to strengthen the overall business process
- Loyalty program – listen to your vendors and rewarding the best performers
- Relationship & trust with vendors
- Professional approach in dealing with vendors
Key questions to know –
- Are vendor’s needs and expectations being met by the organization’s products and/or services?
- Do vendors believe the organization’s claims about current and projected organizational performance?
- Do vendors believe that organizational performance can be sustainable?
- Given their relationship to the organization, what suggestions do vendors have for improvement?
- How do they contribute new product development and understanding customers’ needs?
So if you want your vendors to believe you saying – “Growing Together”, just Stop Quoting and Start Doing!!!