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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