Vendors are an essential part of any business. They help keep the business running and supply you with an apt amount of products and/or raw materials. Keeping this in mind, making your vendors happy is quite necessary.
This also entails discounts and easier access to products. There are many ways by which you can do so; here are a few of them from a huge list of ‘vendor maintenance.’
Pay Vendors on time
Paying somebody on time is the best way to gain someone’s trust. Suppliers don’t expect that they will be deceived in these transactions, so they don’t mind late payments much (they might get extra money from the late fees), but the trust built on the basis of early payments cannot be broken easily once your business gets going.
Due to this, paying your suppliers on time should be on the top of your priority list. Restocking objects in your inventory can become really tough if your supplier isn’t delivering on time. It can cause your entire business to go awry if the processes are not functioning properly.
There are various ways in which you can maintain punctual payments for your suppliers. You can maintain proper accounts payable departments or automate the process to make it more efficient. This way making sure that you haven’t missed a payment to any of your suppliers becomes a thousand times easier.
Maintain a constant relationship
Maintaining a constant relationship with your supplier is essential to the utmost degree. How you interact with your customers is important, but how you interact with your suppliers is even more important. Interacting with your suppliers and making them feel important is essential to the quality of the products you might be trying to get.
A good dialogue provides the supplier with a good idea of what and whatnot you like. Suppliers, when kept happy (for that matter, any person you interact with), will give you the best they have, or at least will be motivated to do so. Once you properly communicate with someone and develop bonding transcending professionalism, they will be happy to serve you. They will be content to give you discounts and let you know what’s new and what’s better than the products you are using, so you can stay updated.
Take samples and give feedback
Whenever there is a new product in the market, you should contact your supplier and get the products. Once you use it, you need to give the supplier your feedback. This is essential for maintaining a healthy relationship with your supplier. Every time you get new products, there’s a chance that it might be the missing link to increasing your sales.
Feedback is an important part of maintaining a healthy relationship with your supplier. It helps the supplier know your sales better, so they can provide you with an apt amount of products. This feedback also lets them know if there are any defective products in their stock.
The effort you put in to establish a relationship with your supplier, the more you will be rewarded with discounts and better products. Even if you want to shift or expand your domain, the contacts you get from your suppliers can be absolutely essential. So, be on the lookout for any such opportunities.
Start out with your credit card
Your credit card can be an essential tool for your business, especially if you have just started your venture. Why is paying through credit cards good, you might ask. If you are a new business, the suppliers won’t give you any form of payment terms until you earn their trust (and some money from your business). In such a case, you have to pay via cheques. Writing cheques every time you get new stock can get redundant and tedious. This can also adversely affect your business as you need to keep track of every last penny that goes from your pocket.
Paying with credit cards is a win-win solution. You can pay your supplier without any trouble, without any paper trail, and as the payer, you have the liberty to pay back your credit card in 30 days. It is the most efficient solution to this situation and is also a good way to satisfy your supplier by paying them on time.
Conclusion
Keeping your suppliers happy is necessary for any business, as everyone is dependent on someone or another to provide them with raw materials or products to sell. Making them unhappy can not just cause you losses; it can also cut you out from the entire chain of suppliers; word spreads fast. Making your vendor happy can enhance the business, on the other hand. It is not even a tough decision to make and a very easy task to accomplish.