How can you improve partner and supplier performance?

1 Define clear objectives and expectations

The first step to improve partner and supplier performance is to define clear objectives and expectations for each relationship. This means setting specific, measurable, achievable, relevant, and time-bound (SMART) goals, communicating them clearly and regularly, and monitoring progress and feedback. By doing this, you can avoid misunderstandings, conflicts, and delays, and ensure that both parties are on the same page and working towards a common vision.

2 Establish trust and transparency

The second step to improve partner and supplier performance is to establish trust and transparency in each relationship. This means building rapport, respect, and mutual understanding, sharing relevant information and insights, and being honest and open about challenges and opportunities. By doing this, you can foster a collaborative and supportive culture, encourage innovation and creativity, and resolve issues and risks effectively.

3 Evaluate performance and provide feedback

The third step to improve partner and supplier performance is to evaluate performance and provide feedback on a regular basis. This means measuring and tracking key performance indicators (KPIs), conducting surveys, reviews, and audits, and recognizing achievements and areas for improvement. By doing this, you can identify strengths and weaknesses, reward excellence and loyalty, and address gaps and problems.

4 Negotiate and renegotiate contracts and agreements

The fourth step to improve partner and supplier performance is to negotiate and renegotiate contracts and agreements as needed. This means reviewing and updating the terms and conditions, scope, deliverables, and costs of each relationship, ensuring that they are fair, realistic, and beneficial for both parties, and adapting to changing circumstances and needs. By doing this, you can optimize value, efficiency, and quality, and avoid disputes and litigation.

5 Leverage technology and tools

The fifth step to improve partner and supplier performance is to leverage technology and tools that can facilitate and enhance each relationship. This means using platforms, systems, and applications that can streamline communication, collaboration, data sharing, reporting, and analysis, and automate processes, workflows, and tasks. By doing this, you can save time, money, and resources, improve accuracy and reliability, and increase visibility and control.

6 Nurture long-term relationships

The sixth and final step to improve partner and supplier performance is to nurture long-term relationships that can generate mutual value and growth. This means maintaining regular contact, expressing appreciation and gratitude, offering support and assistance, seeking feedback and suggestions, and exploring new opportunities and initiatives. By doing this, you can strengthen bonds, loyalty, and satisfaction, create competitive advantages, and achieve strategic goals.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?