How can you establish a strong relationship with your suppliers?

If you understand what you are after when it comes to suppliers it makes the whole journey much easier. You need to consider more than just the product or service you are buying. You need to work out the type of relationship you want. Are you just looking for the lowest price or looking for quality etc.

To identify the needs and expectations of your audience, engage in active listening, conduct surveys, gather feedback, analyze data, and create personas to understand their demographics, preferences, and pain points. It's also important to consider your audience's aspirations.

Establish a strong relationship with suppliers by fostering open communication. Clearly communicate expectations and requirements. Build trust through transparency and reliability. Negotiate fair terms and collaborate on mutually beneficial agreements. Stay informed about market trends and industry changes. Provide timely payments and address issues promptly. Regularly assess and acknowledge supplier performance. Attend industry events to strengthen connections. Cultivate a partnership mentality, valuing long-term relationships. These practices contribute to a positive and robust relationship with suppliers.

Choosing the right supplier involves much more than scanning a series of price lists. Your choice will depend on a wide range of factors such as value for money, quality, reliability and service. How you weigh up the importance of these different factors will be based on your business' priorities and strategy.

Effective negotiation is key. A clothing retailer, for instance, might negotiate not just on price but also on return policies for defective items, ensuring a fair deal. It's important to approach negotiations as a partnership, where both parties benefit, rather than a one-sided win.

Communication id key with suppliers. Set your expectations as a buyer so that you Supplier is aware of what you are expecting. A good supplier would have already brought this up so you know were you stood. If something goes wrong it in touch straight away don't wait for week and then kick off when the same thing happens.

Engage regularly and communicate what is important, including the problems you face. Suppliers are incentivized to solve customer issues. By creating added value, there are more synergies to profit from and drive long-term growth. Just understand how to frame problems and provide information in a way that is efficient for them to understand and focus their attention on.

Forge Partnerships, Not Transactions! Collaborate openly, align goals, and share visions with suppliers. Embrace their expertise, encourage innovation, and jointly pursue growth. Transform relationships into a powerhouse of value creation and mutual success!

Reporting and monitoring on supplier performance is an important discipline. In my experience, it is crucial to set up metrics with red, yellow, and green status. Once a metric hits yellow status, discuss it with the supplier so that you can avoid bigger problems later.