How can you manage vendor relationships after a performance review?

1 Follow up on action items

After you share your feedback with your vendors, you should also agree on some action items and timelines for improvement. These could be related to specific issues, such as delivery delays, quality standards, or contract terms. You should follow up on these action items regularly, and check if your vendors are meeting their commitments. You can use tools like email, phone calls, or online platforms to track the progress and status of each action item. This way, you can show your vendors that you are serious about the review outcomes, and that you expect them to deliver on their promises.

2 Recognize and reward good performance

While you should hold your vendors accountable for their performance, you should also acknowledge and appreciate their efforts and achievements. You can do this by sending them thank-you notes, testimonials, referrals, or incentives. You can also highlight their successes in your internal or external communication channels, such as newsletters, social media, or websites. By recognizing and rewarding good performance, you can motivate your vendors to keep up the good work, and to strive for excellence. You can also strengthen your rapport and trust with them, and make them feel valued and respected.

3 Provide ongoing feedback and communication

Vendor performance reviews should not be a one-time event, but rather a continuous process of feedback and communication. You should keep in touch with your vendors throughout the event production cycle, and provide them with constructive and timely feedback on their performance. You should also solicit their feedback on your performance, and listen to their suggestions and concerns. You should communicate your expectations, goals, and changes clearly and promptly, and avoid any surprises or misunderstandings. By providing ongoing feedback and communication, you can foster a collaborative and transparent relationship with your vendors, and address any issues or challenges before they escalate.

4 Review and renegotiate contracts

Another way to manage your vendor relationships after the performance review is to review and renegotiate your contracts with them. You should evaluate if the terms and conditions of your contracts are still relevant, fair, and beneficial for both parties. You should also consider if there are any opportunities for improvement, such as adjusting the scope, budget, timeline, or quality of the services or products. You should discuss these aspects with your vendors, and negotiate any changes or amendments that are mutually agreeable. By reviewing and renegotiating your contracts, you can align your expectations and interests with your vendors, and ensure that you get the best value for your money.

5 Explore new opportunities and partnerships

Finally, you should also look for new opportunities and partnerships with your vendors after the performance review. You should identify if there are any areas or aspects of your event production that could benefit from their expertise, innovation, or resources. You should also explore if there are any ways that you can collaborate or partner with them on other projects, events, or initiatives. You should reach out to them with your ideas, proposals, or invitations, and see if they are interested and available. By exploring new opportunities and partnerships, you can leverage your vendor relationships to create more value, impact, and growth for your event production.

6 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?