So, you’ve started your company and you’re winning business with suppliers for what you offer. The way you approach your suppliers and companies that work alongside you to keep your business should be a part of your strategy as a business. Business owners are constantly getting this wrong. Just because you are the one who makes an order, doesn’t mean you are in a top position and you should understand this early on in your business.
You need good, reliable suppliers and services that can be there for your company and when you find the right companies for you, whether it’s for medical supplies or help from places like Calibration Service, you need to treat them like gold. The relationship that you have with your service providers and suppliers is just as important as the relationships you carve out with your customers. Suppliers can really impact your company in a big way, and here’s how:
- Competitiveness: Your suppliers can help your company. The service providers you use can give you an edge over your competition and this is based on their reliability, quality of service and knowledge of the trends in the industry.
- Quality: If what your supplier or service provider gives to you is of top quality, your customers will be highly satisfied and there is less of a risk of return. This then adds cash to your company instead of taking it away.
- Timeliness: The reliability of what you offer as a business depends on the service your providers give to you. If you can offer a fast service to your customers, you will be seen as reliable compared to your competition.
- Finance: As a company, you want to be loyal to your suppliers. If you prove your loyalty to your service providers, you may be able to build a strong and trusting relationship with them for future finance. This can improve your financial position as a company because you can later on rely on your suppliers for extended terms on purchases, or even postponed debt. These can improve your cash position with the supplier.
You can be demanding as a customer with your supplier, but you need to understand that you have to be fair. Your quality expectations and delivery expectations should be met as you are a paying customer, but you have to make your requirements clear from the outset. Sometimes, a company may find that they outgrow their supplier as they expand and this is okay. You also don’t have to rely on just one supplier. It’s not uncommon for companies to use more than one supplier or service provider for their needs. While you’re relying on services for your company to run smoothly, you need to be a valued customer. Paying your bills on time, giving enough time for your suppliers to get the goods to you is also paramount.
Ultimately, to run your company effectively you need to treat the people you work with correctly.
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