There are many pillars upon which a competent business rests. See how even the most successful business operates with only 20% of its staff turning up for work, or only 20% of its IT systems functioning that day, and you’ll see just how quickly even the most titanic corporations can lose value quickly.
This is why it’s important to never take those pillars for granted. Included in this definition, often forgotten, is the network of suppliers you use. No business can function without a supplier of some kind, even the most self-reliant and self-sufficient firm that seems to construct most of their output themselves. Even those businesses that craft raw materials for other production capabilities will need to rely on tools, security, IT infrastructure and more from a separate source, and this applies to your business also.
This means that it’s important to consider the value of your suppliers, and to understand just how to build that business relationship effectively. This can help you both isolate the best and worst suppliers you may have to use, and that can be important.
Consider the following advice:
The best suppliers offer customized services to help you realize your ambitions as a firm in the best manner possible. This is because over and above the normal applications your firm may have for their product line, applications such as metal stamping, plastic moulds and storage solutions can add or subtract from your final product depending on how you use certain implements. When you realize this, you can hold onto those suppliers that are familiar with your firm and are willing to work with you to the best solution.
There’s a sense of goodwill that develops when you continue to use the same services. Perhaps this may even run two-ways. If you are known as a client that pays their invoices within a matter of days, if you have clear and consistent communication and you’re also forthright about your needs surrounding a new project, then you are both an exciting and dependable client to work for. If you appreciate your suppliers in return and practice goodwill from time to time, they will return that, potentially even placing you at the top of their priority list.
Supporting Your Local Businesses
Supporting your local businesses can be a worthwhile stance to take in itself. Sure, blindly supporting the businesses around you without any consideration for how they treat their customers or clients is not the way forward, but at the same time, if you have the choice between two suppliers and one is local and smaller and can fulfill your orders just fine? It may be worth utilizing them, to bond with the strength of community, and to abide by ethical business practices that may just return back to you. You never know just how this web of complex mutual support can truly improve and raise a local economy, and help you craft more thorough business ties.
With this advice, we hope you’ll never take your suppliers for granted.