Mohit Tater's Blog, page 667

The Essentials of making it Big as a successful Entrepreneur

Starting out on your own in the dynamic world of business is daring enough. Endless days of tough work, living out of the box, staying connected 24×7 with your clients, and trying out innovative trade tricks to always be a notch higher than your rivals. Only if you stay adaptable and rise up to the challenges then you can hit it big as a successful entrepreneur.

Steps to become a successful Entrepreneur:

Stay Passionate:

Positive passion is the driving force behind any business, whether it is a small start-up or a turnaround of stagnant industry. You cannot succeed until you enjoy your work. Constant learning is the game changer, the world of commercial enterprise is always rotating. Of course, there will numerous challenges down the route and if you have no passionate commitment then you will easily succumb to the pressures of a new business.

Networking:

While in business get into the habit of self-promotion. Social media is the biggest factor to stay connected 24×7 these days. Invest in developing a virtual presence by building an attractive website for your business. Keep track of all your clients by e-mail marketing, get in touch with new ones through social media platforms like Linkedin. Promoting your product or brand through Instagram, Facebook, and Pinterest can drive more customers and produce opportunities for future business endeavours. Attend seminars, business trade fairs, and professional clubs to meet up with likeminded individuals and gain insight into business tips and tricks.

Take Smaller Risks:

There have been cases where entrepreneurs have gone entirely broke because of uncalculated decisions, e.g. Kim Dotcom founder of Megaupload lost everything due to fraud, Sean Quinn an Irish businessman who lost all his money after investing 25% in an Anglo-Irish Bank deal, and Patria Kluge owner of vineyard business that went kaput due to real estate crisis. All these examples give an insight that too much of business enthusiasm is not good for investment. Study the market carefully, make a conscious effort to contact a financial consultant before risking it all in line. Make a plan, read blogs and newspapers, research, and learn from other successful entrepreneurs.

Know your target audience:

It is essential to chalk out a strategy to build a winning customer base, know which section of the population you are going to target with your business. Pay attention to the complaints and feedbacks from them to improve on the loopholes. Spend wisely on marketing and accessing the pulse of the clients. Invest time in working off the challenges faced in the market. Deliver more than the demand of the consumers and build up a loyal fan base to succeed.

Never stop Learning:

Business is constantly evolving, learn to change with time. Take up a short-term or long term management course, enrol in business school, learn to invest in the stock market, keep a tab on all the financial developments by reading financial magazines, and learn new trade skills. Keep moving and engaging in your business this will result in continuous success.

Hire an A-team:

Hire a team that is best in the industry, having skilled employees working with you will automatically increase your profit margin. Like-minded individuals will prove beneficial for the business setup do not invest time or money with people who do not want to learn the tricks of trade. You can hire virtual teams as they’re easy to manage and you can use them as you need. It’s very cost effective too. There’re many companies that offer work from home jobs and hire talented contractors. You can hire Designer, Coder, Marketer, VAs… everything.

Be Humble:

Nobody likes to partner with an individual who has an inflated ego. Remain humble in the game, offer diligent flavours to deserving opponents. Be friendly with everyone and learn to make a sound rapport with competitors. Do not indulge in squandering money on a lavish lifestyle that would lead to flat broke situations. Learn to keep your employees also happy so that you get the maximum service out of them.

Invest Carefully:

Being a constant hustler can create debt issues as entrepreneurs think it is easy to borrow and pay back. Do not loan yourself out excessively in the flow of business ideas. Seek financial advice from experts to avoid the loan traps, investing in P2P lending companies, and acquiring monetary funds from loan sharks.

Prepare for 24×7 business life:

Being a chaser of goals will keep your mind fired up all the time. Do not expect to tag along like rest of the population who work 9 to 5. An innovator and creator is always on the go, inspite of working flexible hours as a boss. Running a business will result in sacrificing a lot on personal time and you cannot afford to burnout quickly.

Initially people will tell you that you cannot make it but do not focus on the negative comments. Be realistic and set up deadlines to achieve to smaller goals first. Stay fit as well to avoid stress from consuming your ambitions. Inspire others to follow your example. As an entrepreneur you will face many testing situations but emerging successful out of them depends on your will and determination.

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Three Quick Tips to Improve your Business Writing Skills

Writing is an important part of our professional life. We need to write emails, messages, presentations, reports, etc. on continuous basis irrespective of the verticals we work in. In fact, written communication forms a significant part of our daily work in the office. We are living in the era of virtual offices where team members could be thousands of miles apart. Excellent writing skills are required for team members and clients to work efficiently on projects. In my early days, I used to look for some people who can write a paper for me as I was not very confident of writing professional reports. In the process, I met excellent writers and learnt the business writing skills. Research has proven that individuals with good writing skills do well in their professional career. Irrespective of your native language, you can master business writing skills in a very short period. You can become a brilliant business writer by following three quick tips:

Use Active Voice and Be Direct

Being polite is important in non-verbal communication. Whenever you are writing business related content, you must choose the words carefully. The words should express the situation without hurting anyone. The end objective of your content should be to convince someone about something and not pointing out individuals’ errors. Use active voice wherever possible. Writing in the third person and passive sentences make the content boring. It also takes away the conversational tone of the content. So be direct and write to-the-point to keep your content interesting and fresh.

Use Combination of Short and Long Sentences

Many people have a habit of writing extremely short or long sentences. I have seen many emails from my colleagues that seem to explain everything in one or two sentences. Similarly, some people write in such a way that one slide of a PowerPoint presentation can contain only one sentence. Avoid this common mistake of writing long sentences. Use a combination of short and long sentences. You should start with short sentences and then gradually move to the long sentences. A sentence should not include more than one idea.

Avoid using Adverbs

Usage of modifiers is quite common in colloquial language. However, they make the business content weak and ineffective. At some places, modifiers may be necessary. However, it should be avoided as much as possible. For example, a blog of 500 words should not contain more than one or two adverbs. Thus avoid using terms such as “very important”, “extremely urgent,” “very difficult”, etc. The terms “important, urgent or difficult” convey the same message with better impact.

Concluding Suggestions

Any prolific writer will always have sufficient room to improve their writing skills. Like any other skills, writing also requires constant practice. If you want to become a good writer, then you have to be a voracious reader. The more you read, the better you will write. While reading, start paying attention to the usage of various terms. Whenever you come across a new word, try to include that in your next content, be it an email, a report or a presentation. You need to spend some time initially to learn. In case of urgent writing requirements, don’t rush to start writing. Rather spend some time in preparing the layout to get a clarity of the topic. It will help you during actual writing by streamlining your thought process and save a lot of your time.

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Why Marketing is an Ideal Degree Specialism for Entrepreneurs

As an entrepreneur, you may be wondering if you need to further your education at all. You’ve got the ideas, and the internet has made it easier than ever to launch you own business. So, wouldn’t it be better to just get started instead of spending time and money on a degree? While this may be true of business degrees, have you considered a marketing degree? Studying an online marketing degree program would allow you to start your business while you study, whilst helping you to gain invaluable skills in marketing that will help your business grow from the very start.

You Need Marketing

You absolutely need to market your business. You could create the greatest product, have the best website, or the most useful skills to offer, but if no one knows about them it won’t get you anywhere. Marketing is everything from getting the design and branding of your company right, and cohesive, making you instantly recognizable, to adverts and promotions. Good marketing can be the key to success. As a new business, it can take you years to build up a customer or client base. Effective marketing strategies can reduce this time and make you profitable much faster.

Learn Up to Date Skills

This is a great time to study marketing. The internet, and the astronomical growth of social media has completely revolutionized the marketing tools at our disposal. You no longer need to rely on advertising, paying others to show or print your adverts, as you can do it yourself. Studying marketing now would give you up to date, first-hand knowledge of current, and up and coming marketing strategies giving you a huge advantage over many established companies in your field, and certainly over any other new starters.

Keep Your Company Relevant

A marketing degree, and the knowledge it brings will enable you to implement these tools from the very beginning. You’ll have social media profiles, you’ll be using video and mobile optimizations, and your website will be set up for current SEO trends, as well as those set to grow in the coming years. You company will be relevant, modern and refreshing.

A Fall Back

The life of an entrepreneur isn’t always going to be easy. You may find a few companies fail before you make one into a success. Some ideas will grow, while others will be left behind. At times, you might find money is tight, and you just don’t have enough customers coming in. A marketing degree could offer you a great fall back. As well as using your skills to help your own company, you can offer to help or teach others. Even just consulting as a freelancer could provide a welcome income.

While you can, of course, employ a marketing professional or team to take care of all your marketing needs, when you’re just starting out, can you afford this extra expense? Study an online marketing degree while you’re working, and you’ll be able to do it all yourself. Learn a new range of skills that could help you take your company forward for many years to come.

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Entrepreneurial Epidemic: 4 Foolish Mistakes Most Startups are Guilty of

Deciding to start a startup can be one of the most rewarding and terrifying steps that any business-oriented individual will ever experience, and it’s safe to say that you want it to go right.

With all the possible pitfalls and problems placed before you, it’s always good to have a push in the right direction before taking on the mammoth task of entrepreneurship. That’s why we have put together some of the issues that we have experienced (either first-hand or voyeuristically) so that you know what to look out for and avoid when taking on a new endeavour.

The “All-Me” Approach

There are an abundance of services at the disposal of a new startup, from IT support services to management assistance software, that those in their first entrepreneurial role will often underutilize in favour of a flagrant DIY approach.

It’s easy to understand how startups fall into this trap, as a new venture can often feel like a very personal push toward success. However, with more business’ dying than starting on a yearly basis, there are definitely issues that need to be addressed.

The believe that when starting your own business or service that you have to be in full control of every facet is, at best, misguided and at worst, going to bring down your new venture entirely.

A single person can only be expected to do so much, so even if it may involve giving up some of your influence over one or two areas of your startup, it will mean that you can better focus on running your business, and fetter yourself less with those things that could be better handled by others.

Sticking With Stubbornness

A business should not exist for the sake of its own existence, and keeping a startup on the same route solely because you are unwilling to let it change will only lead you into further stress and funding related issues down the line.

It’s completely normal for workflow to be relatively slow when you have only recently started promoting yourself, as it’s most likely that you don’t have the trust of previous clients and projects to fall back on. However, if your startup is on the brink of falling under, it is time to rethink your strategy, even if it doesn’t comply with your initial vision.

The Burden of Originality

It’s true that originality is a key factor in differentiating your business from the competition, but it’s easy to take this ideology too far, and it could mean bad things for your budding company. Refusing to acknowledge and possibly implement how other businesses have found both internal and external success puts your startup at a disadvantage, as you are shutting yourself off from valuable information.

As we have seen many times across the worlds of art and technology, creativity and originality can be a drawcard or a detriment, and this is no more prevalent than in the world of competitive business.

Usually startups are successful for a reason, and working out what those reasons are will give you a huge step up on the road to financial viability.

Not Mimicking Your Market

The industry doesn’t wait for your startup.

It may seem difficult to digest at first, but in quite a few industries (especially those in the world of digital) assuming that your audience has the same needs from when you form the idea to start a business, to officially opening your doors, can leave you ill-prepared for the world that you’re stepping into.

Make sure that you are keeping up with trends and changes that will affect your viability in the competitive market, otherwise your offerings may be obsolete before they even have the chance to be offered.

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What do you wear to Daily Office, to an Interview and for a Business Meeting?

“Go buy some formals, suit up; you’re a business professional now!”

Okay, but what kind of formals? Do you wear the same kind clothes for an interview, a business meeting and for daily office work? Knowing how to dress up for a business situation is absolutely important to make a healthy impression.

You may not like the Monday mornings, but don’t show it through your dress. The best tip is to wear smart, feminine blouse or top, a blazer, simple pair of trousers or not-too dressy jeans, and of course a chic pair of heels. Comfortable and sophisticated! Make sure your clothes are fresh and ironed- try not to look clumsy. You can accessorize according to your job environment.

For a proper, professional business interview, you would want to go for a simple pair of black dress pants.  A pair of classic dress pants should be a part of every working woman’s wardrobe. Depending on the type of interview, you can pair them up with a sweater (if the interview meeting is for a startup or is a non-professional, business casual interview; a more casual look is preferred, so you don’t really need a proper suit) or with a button down or a blazer for a more professional look.  You can also go for a khaki-navy blue color combination. Grab yourself a pair of khaki blazer and navy blue skirt, you can even interchange the colours, go for a khaki skirt and a navy blue blazer, wear it over a simple white button down. Don’t put the make-up too loud, and just enough of the perfume or cologne. Keep accessories to the minimum- avoid large danglers or flashy necklaces. Whatever you wear, remember that you want to look polishes and professional, not glittery or bedazzled!

Now if you are to go for a business meeting, you can go for a simple two-piece suit, pair with a perfect blouse and make sure you aren’t revealing too much. Flashing too much skin in a meeting can be misinterpreted and grab unwanted attention. Whatever you choose, make sure the clothes are proper fit, not too loose, not too tight, also the skirt shouldn’t’ t be too short and the trousers should end exactly at the shoe line. Go for a classy pair of low-heeled black or nude shade shoes. Again keep your hair neat, or you can tie up a classy French bun.

Keep it simple, elegant and confident! It is through your attire that you portray your confidence and convey trust, health and competence. Dress up for the success.

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Why You Should Still Work While Starting a Business

“Go all in”, “Focus solely on your business”, and “Quit your day job and start a business” – All of these are familiar advice aspiring entrepreneurs hear from family members, friends, and colleagues. And while it’s spoken with the best intentions, it may not always be the most pragmatic to follow. Working while starting a business certainly sets some limitations, such as time. On the same note, however, it puts you at a better position to build a solid foundation for your future empire. Here’s five reasons why you should still work while starting a business.

Financial Security

We’ve all heard about a rags-to-riches story of someone going from being homeless to making millions of dollars a year in a matter of months. While it’s certainly possible, it’s often the exemption. For every seeming fantasy tale like this, there’s a dozen of stories where entrepreneurs fail to make it because of lack of cash. Keeping a day or night job can significantly increase your chances of building a stable business by having the personal cash flow to financially support it, especially during the first few months of the company.

Potential Connections

Another benefit of working while starting a business is that you get to maintain relations with your coworkers and employer. If you are working in a field that is also directly connected to your prospective business, these connections can be your competitive advantage. Employers and coworkers may want to partner up with you as investors or work for you if they see enough cause to join. In fact, employees going overboard to new startups created by their ex-coworkers are very common nowadays.

Capital Source

Having personal cash flow to survive the first few months of unemployment while working on your business is one thing, but having the capital to actually purchase business supplies and space is an entirely different situation. Don’t expect investors are going to flock to your business idea as soon as you open the doors for them. Even if you have a proven concept and attractive business model, you’ll want to have cash set aside for business expenditures. This also minimizes the need for foreign backers, which ultimately preserves your ownership of the company. If you have a good-paying job, you can make money fast thus giving you the financial capacity to order inventory or lease space.

Knowledge Acquisition

Keeping your existing job can yield industry knowledge that will be invaluable to commandeering your own ship when the time comes. Board managers, CEOs, and even coworkers all have some expertise they can share with you that can be useful later on. Talking with employers for advice in certain parts of a business is also free of charge, so you’re basically taking a free crash course on business management. Even observing how your supervisor or CEO performs on a daily basis can give you cues on what to do when you fill in the role.

Time Allowance

Starting a business without financial security from an existing job can pressure you into producing something right away, which oftentimes leads to subpar results. Keeping your existing job affords you the luxury to make mistakes and take your time towards developing business models and products that actually work. A rushed business is never a good long-term investment of your resources.

Starting a business while working full-time or even part-time may sound like an insurmountable arrangement. Nonetheless, it makes more pragmatic sense and it gives you a higher chance of success to keep a primary source of income while utilizing the free time and energy you have towards building your business piece by piece.

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Key Considerations Every Small Business Should Be Making

Studies show that two-thirds of small business owners admit that they find it difficult to grow their company. This is unsurprising when we take into account that everything falls on their shoulders, from finding the perfect office space to deciding what services to invest in. So what are the five key considerations that every small business owner should be making?

Finance

One of the most difficult things for a start-up is securing finance – how to fund your business and finding the right people to invest. First of all, look into whether you are eligible for a government-backed start-up loan. This is an unsecured personal loan of up to £25,000 to be used for business purposes only.

If you are reluctant to apply for a bank loan, there are alternative ways to fund your business. Family loans can provide a simple and reliable source of funding, with lower interest rates and more flexible repayment terms. Also, Crowdfunding is a great alternative way to raise funds without accumulating debt and simply providing products or gifts in return for monetary donations.

You may want to find ways to entice investors by utilising the “soft sell” strategy through networking. This will allow you to discuss your business idea in a natural and organic way rather than a formal pitch.

Finding the perfect co-founder can boost your company as it will attract investors and also give you some additional input from a talented partner. Ultimately, you are not only selling your business to an investor, but also your team. In addition, look for an investor that can help make your business stronger, either through advice or industry connections. Financial backing is obviously your main aim, but a shared interest in your business will be valuable to both the investor and your business.

Office space

Your office space should be representative of your business and what it offers. It must be a professional space that clients can visit and immediately get a good first impression of your company. Take into account how easy it is to access, with adequate parking available for customers and clients. Don’t forget the details – tea and coffee facilities for visitors and tidy meeting room spaces will make all the difference.

If you are looking to take your business onto a global stage and want to meet clients in their own country,look into using an interesting and creative meeting space to leave them with a strong impression of your business so they will be more inclined to collaborate with you.Citizen M have created innovative, high-tech meeting rooms to prevent stale and un-inspiring meetings their rooms are based in key airports, which allows you to step off the plane straight into your meeting and then back to your hotel room, making international business meetings easier than ever.

Technology

When you have settled on your office space, you must make sure that you are fully-equipped with the equipment and software that your business will require. Make a list of the essentials you’ll need, including a desktop computer and monitor, photocopier/scanner, a printer and good phone lines with an answering phone service.

A good internet connection and Wi-Fi is crucial for your company as a consumer-grade router may become overloaded with business use. Breaks in service can affect productivity, which can cost you time and money. Also, communication break-downs during video conferences or Skype conversations can reflect badly on your company and create frustration for your client.

Regular maintenance to your technology will be required so make sure that all of your electrical equipment is PAT-Tested to ensure that they are safe to use and also test your wireless and mobile devices regularly.

Staffing

Investing in a good team can provide long-term value to your small business. Many successful companies like Apple have made customer service their priority from day one and have built up a strong and loyal customer base as a result.

Focus on your company’s customer service offer to build up your reputation and trust. This could be as easy as hiring an admin assistant to answer phone queries and to respond to emails quickly. Investing your money in an efficient and knowledgeable employee will encourage repeat business as customers will be happy with the service provided to them and will be more likely to return, or even recommend your business to others.

This word-of-mouth recommendation is vital as 92% of consumers say that they trust recommendations from others and one bad review from a customer on social media has the potential to reach hundreds more.

Website

Similar to your physical location, your online presence must reflect the product or service that you are offering. Customers are spending more and more time online so it is important that you harness the web to your advantage and ensure you have a stylish and functional website that is easy to navigate.

Customers tend to go online to research a company before they make a purchase so making your company information easily accessible, and offering the option to purchase your goods online will ensure that people can find you and purchase your goods, quickly and easily. 74% of small business websites have no eCommerce and with the increasing consumer trend of ordering goods online, it may be an area that you want to invest in so that your business has the competitive edge.

Ensure that your website is mobile-friendly as research has shown that a smartphone is the second most popular device to search the internet, right after a PC or laptop. If your website cannot be accessed on a mobile phone, you run the risk of missing out as many users will give up and go straight to a competitor with a more user-friendly website.

 

Follow these five tips for a smooth-running, efficient business that has the capacity to expand onto a larger stage. They are key considerations that you should make as a small business owner and they will help you to set the groundwork to ensure the longevity and success of your business.

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The Horrors of Business Travel and How to Solve Them

Frequent business travelers know that traveling to new places is not as rosy as newbies think. Business travel can be stressful and take a toll on people’s health. Also, there are plenty of other horrifying experiences frequent travelers are exposed to. Here are some of the terrible things that can happen to you on business trips with simple hacks to fix them:

The Stress

Business people who are constantly on the road are at risk for higher levels of stress. Traveling itself can be exhausting when you are spending each night at another unfamiliar hotel room. Business travel can also take away the precious time you have with your family. Travel is also an anathema to sleep. When all these different factors are combined, stress levels spike.

The best way to deal with business travel stress is to address it right away. Don’t deny that you are stressed. Talking to your friends, family or a professional counselor will help. You can manage the blues by keeping in touch with your family via Skype or similar apps. You can also escape while on a plane by watching a movie or listening to your favorite music.

Jet Lag

Jet lag will alter normal patterns of sleep. Frequent travelers are at higher risk for severe disruptions in sleep due to jet lag. It can also disrupt digestion and exacerbate health-related issues. It is important to know that frequent jet lag has long-term health implications.

The good news is that it is possible to fight off this problem. Before you have a long flight, get a good night’s sleep. Once you arrive, don’t sleep until it is nighttime in local time. Also, plan your day so you can get at least 7 hours of sleep without interruption. It also helps to keep a sleep mask and a travel pillow that you can use on planes and in hotel rooms to make settings more familiar for sound sleeping.

Being Unable to Stream Favorite Shows

One of the biggest downers of being on the road constantly is having to miss favorite TV show episodes. Even Netflix and other site streamers face this problem. Streaming websites like Netflix impose restrictions on certain countries. For example, you might not be able to stream your favorite GoT episodes in Thailand the same way in the U.S.

On the plus side, there is a way to bypass these unfair geographical restrictions. The trick is to use a VPN or a SmartDNS service, which allows access past web filters. Don’t worry; you will remain anonymous on the web so a foreign government cannot bust you. There are many VPNs available right now, so choose a package that specifically allows you access to streaming websites.

Flight Delays

When you are a business traveler, flight delays happen all the time. You will end up spending ungodly amounts of time at airports waiting to catch a connecting flight or for the weather to clear up.

Of course, there’s nothing you can do to prevent flight delays. However, you can make the best out of the time during which you have to wait. You can be more productive and get some work done. You can also check out the airport and use an app to find a good coffee shop inside. If the flight is delayed for more than a day, the best solution is to find a hotel room and sleep.

The above solutions to common problems will make your business travel plans much more pleasant.

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When Do You Need a Life Insurance?

Do you constantly get pestered by insurance companies through calls and messages, with new policy schemes? Well, insurances are important. Insurance is a kind of protection- for yourself, your family, your investments or your future. Life insurance, health insurance, property insurance, agricultural insurance, etc. are means to protect you in a case of financial loss or emergency- your car breaks down, someone dies or someone is ill, your house catches fire, you lose your business or even you lose your phone! When you buy a policy under some scheme issued by the insurance company, you make regular payments in installments, known as premiums, to the insurer. If you claim a loss, you have access to that money, only if your claim is covered by the insurance policy. With these, complex technicalities and terms & conditions, you need proper documentation and a solid reason to cash out your money.

Now talking about life insurances, what is a life insurance? “Life insurance is a protection against financial loss that would result from the premature death of an insured.” Obviously, seems important! When you buy a life insurance, you protect your family from any financial losses that would occur if you outlive. The most common myth is “Everyone MUST have a life insurance”. But if you have sufficient assets/passive income and your family will be able to survive after your death, do you really need a life insurance? There are three circumstances, in which you don’t need a life insurance: When you and your spouse have enough wealth to take care of themselves, when one of them dies; when the kids are grown up and are self-sufficient; and when you don’t own large lands, so you don’t owe any estate taxes (since life insurances provide you with tax benefits like income tax and estate tax exemptions).

After analyzing your current economic situation, if you propose to buy a life insurance plan, you need to consider another important point: whether you want to opt for a term policy or a permanent life insurance. What is the major difference? While term policies are designated to last for a fixed number of years (i.e. if you have a plan for 20 years, the insurance company would pay the death benefits to the named beneficiaries if you die within those 20 years), permanent policies last till you actually die. Term policies may expire even before you actually die. So for this reason permanent policies are more expensive than the term ones, even though they have attractive benefits like cash account that can be used for retirement and you don’t have to pay taxes on gains every year.. Whole life plans are for the rich; unless you earn around 25,000$ annually or have assets worth $1million, you should opt for the term policy.

Life insurance policies may appear tricky, but you should consult your financial advisor before you make a choice. Always take an informed decision, especially when this revolves around your life.

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7 Ways to Keep Your Suppliers Happy

Suppliers make one of the core pillars on which stands your entire business. However, most businesses concentrate a greater share of their focus and efforts towards maintaining profitable relationships with their customers and keeping them happy and satisfied.

What they fail to understand is that undermining your dealings with your supplier may cause you a great setback in terms of low-grade raw material, poor service or instant price hikes. Therefore, it is essential that you earn their trust, establish symbiotic ties and keep them happy, loyal and satisfied.

Here are some effective ways to build a happy and contented supplier family for your business. Read on.

1.      Make Their Payments on Time

Your suppliers, just like you, are doing business to generate profits and returns. Would you be happy if your customers delay your payments or make random excuses? Same happens with your suppliers too. You are your suppliers’ customer, and therefore, it is your professional and ethical obligation to pay your suppliers on time.

2.      Keep Communication Channels Open

Effective communication is the key to hassle-free business operations. Interact with them, understand what they expect from you and resolve their issues and concerns. Be specific in your communication and make it a point to clear your expectations and interests. This will foster a trusted partnership with your suppliers that will eventually translate into better performance and results.

3.      Establish Realistic and Attainable Goals

While setting up a partnership with a new supplier or if you are renewing your deal with the existing one, set up supply goals that complement your business interests and fulfill your business needs, while being realistic, feasible and attainable for your supplier. Ensure that you clearly communicate your needs and expectations to your supplier to avoid any future inconvenience.

4.      Reward Them on Their Performance through Corporate Giveaways

Do not take your suppliers for granted. Treat them as valued business partners and reward them when they meet their goals. These rewards do not necessarily have to be pricey and exorbitant. Corporate gifts and your business’s branded merchandize is an effective way to reward your suppliers and retain their loyalty, trust, and motivation.

5.      Keep Your Promises

You need to be honest while dealing with your suppliers. Do not back out from a claim or promise that you initially made. This will only shatter your own credibility in the suppliers’ market.

6.      Provide Honest Feedbacks

It is a good practice to frequently sample their products, test it for quality and provide them with a rational and honest feedback. This will not only keep them focused on delivering you their best, but also help them improve their quality and service.

7.      Seek for Long-Term Partnerships

Changing your suppliers every now and then is not an ideal business practice and would definitely affect your business operations. If your supplier has been keeping up with your expectations, and has sustained on the quality and timely deliverance, it is a good idea that you express your interest in establishing a long term partnership. This will eventually turn out to be a mutually beneficial move for you and your supplier.

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