Too many businesses think it is them who are doing their suppliers a favor. However, this kind attitude will do you more harm than it will favor. You see, the approach you take to supplier relationships needs to be given a lot more importance and value because, no matter whether you are a product-based company or a service-offering business, you are likely more dependent on your suppliers than you care to realize.
To put it as bluntly as we possibly can, you need suppliers that are great, trustworthy and reliable. You need them if you want your business to be a success. So, if you have found yourself a selection of suppliers that fall into these three much sought after categories then you need to do everything in your power to keep them. You need to treat them like the ingots of gold they are. In fact, you need to treat them with the same utmost concern you treat your most valuable customers with.
To give you a better understanding of why you need to go to these lengths and bend over backward for them, we have pulled together a list of ways suppliers have an influence over the success of your business:
The quality that you promise your customers is directly affected by the quality that your suppliers offer you. Sure, you may be able to find someone else that can do embroidery to a high standard, but finding someone that knows how to use Laser Light technology to deliver micro-drilled polymers may be slightly harder; and that is how sacrificing this relationship could affect your quality in a negative way. Better quality equals better customers satisfaction, which equals more profit – it is that simple.
How quickly your suppliers can deliver has a direct impact on how quickly you can deliver, which is why their timeliness is so crucial in your fight for customer satisfaction and your reputation as being reliable. Being able to turn items around quickly is a very important strategy to incorporate into your need for faster cash flow. So keep a good relationship with your suppliers and you will find that they may make you their priority, much to your benefit.
Root Of Innovation
If there is one thing you need to understand more than anything else it is this: your suppliers will live their products to a much more hardcore degree than you ever will. That is why they are so important when it comes to innovating. They are the very people that can improve your products no end because they are constantly pushing boundaries on their own products. So, if you have found a supplier that offers you advice on how to improve your products and your business, they are doing so because they understand your industry and its needs enough to implement beneficial tweaks.
No one can offer you a better leg up on the competition than your suppliers for the simple fact they can alter your pricing, better your quality, inform you of grassroots industry trends, improve your reliability, bolster innovation and, yes, use technological advancements to your benefit.
Basically, your supplier’s rock and you need to recognize that.