Why Your Suppliers Matter To Your Business
It’s probably the most overlooked relationship in all of business, but no one has more sway over your success than your suppliers. That’s why you need to have a strategic plan in place when it comes to those you use, whether you are product-based or service-orientated.
The issue is, for most business owners and entrepreneurs, they get this whole relationship backwards. It’s that belief: because you write the order and pay them the money, you are in the position of power. But you’re not.
To clear up one of the oldest misconceptions in commerce, what you need is good and reliable suppliers and, when you’ve found them, you need to treat them like the diamonds they are. You need to work as hard as you can on building a good relationship, the same sort you would with your customers. Loyal too.
It doesn’t matter whether you’re a farmer that needs a good fertilizer dealer, a vintage store that needs great quality garments or a marketing agency that requires an awesome content writer – great suppliers are essential to your success.
But just in case you don’t believe us, here’s a list of ways they influence your operations:
- Quality Is Key
How awesome your supplier is and the components they use is going to either positively or negatively affect the quality and reputation of your business. Of course, the dream is to have a supplier that delivers quality because that will increase your own customer satisfaction while decreasing returns. That’s good for money.
- Timeliness Is Underrated
How timely your supplier can deliver your order is critical to your reliability in the eyes of your customers. In order to be considered a great business, you need to deliver a very quick turnaround these days. It’s what customers expect and its how to get rid of your inventory before it becomes obsolete.
- Stay Competitive
Your suppliers, when used right, can give you that one-up on your competition you’ve been desperate for. If they offer a good price, you have an advantage. If they offer great quality, you have an advantage. If they are reliable, innovative or know the industry trends, then you have an advantage. Don’t forget that.
- Innovation Rules
It’s usually your suppliers that will make the biggest contributions to your products, which is because they are more involved in the making and development than you are. They’re there, on the cutting edge of innovation, always. So get yourself one of the best suppliers and they will understand your company, what you are trying to do, what your industry is doing, and even help you tweak your ideas to be better.
- Money Matters
The dream is to grow and scale and become a success, and that’s what your suppliers can help with. If you care about them, remain loyal and pay them on time, you might be able to use them for additional financing once you hit success mode, or run into tough times for that matter. Don’t forget that.