“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 –
o Find out what make them happy – which parameters
o Understand the current issues faced by them
o Ask them where you can do better
o Measure perceptual image of your company
o Compare your company’s performance with other companies
Factors that would influence vendor- customer relationship –
o Fair commercial policies
o Integrity in business dealings
o Ethical practices
o Supportive leadership
o Clarity of communication
o Understanding capabilities of the vendors while placing an order
o Assurance of the regularity of the business
o Timely payment
o Support and co-operation as and when needed
o Technological advancement – make vendors upgraded with latest technology to strengthen the overall business process
o Loyalty program – listen to your vendors and rewarding the best performers
o Relationship & trust with vendors
o Professional approach in dealing with vendors
Key questions to know –
o Are vendor’s needs and expectations being met by the organization’s products and/or services?
o Do vendors believe the organization’s claims about current and projected organizational performance?
o Do vendors believe that organizational performance can be sustainable?
o Given their relationship to the organization, what suggestions do vendors have for improvement?
o How do they contribute new product development and understanding customers’ needs?