How do you share your values with vendors?

3 How to communicate your values

Once you have identified your values, you need to ensure they are communicated effectively to your vendors. This can be done by incorporating the values into vendor selection and evaluation criteria, sharing the value statement and relevant documents, explaining how the values relate to vendor expectations and requirements, providing feedback and recognition based on the values, and utilizing various channels and methods such as meetings, emails, newsletters, and surveys.

4 How to align your values

Communicating your values is not enough; you must also align them with your vendors. Start by asking your vendors to share their own values and how they demonstrate them. Compare and contrast your values, and identify any gaps or differences between them. Discuss how to bridge or resolve any misalignment of values, and negotiate and agree on terms and conditions based on value. Finally, monitor and measure your vendor's compliance and performance against your values.

5 How to reinforce your values

Aligning your values is not a one-time event; it needs to be reinforced throughout the vendor relationship lifecycle. You can provide ongoing training and support to your vendors on your values, invite them to participate in your value-related initiatives and activities, solicit and act on their feedback and suggestions, review and update your values and vendor agreements regularly, and celebrate and reward their achievements and improvements on your values. Doing so will ensure that your values stay in alignment throughout the vendor relationship.

6 How to overcome challenges

Sharing your values with vendors can be difficult, particularly due to resistance or indifference, cultural or linguistic differences, conflicting values, limited resources or capabilities, and changing market or customer demands. To overcome these challenges, it is important to be clear and consistent about your expectations, respectful and empathetic to your vendor's perspectives and needs, flexible and adaptable to changing situations and opportunities, collaborative and cooperative with your vendors and other stakeholders, and proactive and responsive to issues and risks.

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?