When it comes to running a business, your relationship with customers isn’t the only connection you should be taking care of. Rather, you should also put effort into building strong relationships with vendors and suppliers, given that they’re crucial in keeping your business running efficiently. For instance, failure to communicate openly with a supplier may lead to delayed deliveries that can affect your reputation with your customers. Thus, it’s essential to maintain open communication lines and nurture mutual trust to build better partnerships with them.
To guide you in maintaining open communication with vendors and suppliers, here are some principles you should keep in mind.
Establish Clear Expectations
Clearly outlining product specifications, delivery schedules, and payment terms prevents misunderstandings. It also provides room for either party to negotiate first if they aren’t satisfied with the terms. Make sure to have all the terms agreed upon in writing as well for reference later on.
Setting clear expectations right off the bat also allows you to pick the supplier that works best for your needs. For instance, you may indicate that you want the supplies delivered within a week of order confirmation to ensure your inventory is always well-stocked. If a potential supplier says they can’t meet your required delivery time, then you can move on to look for a different vendor rather than prolong the negotiation.
Once you establish a good working relationship with your suppliers, make sure to consistently settle your payables on time. To this end, you can rely on digital solutions like Maya Business Deposit to make payments timely and convenient. Used by many small businesses in the Philippines as their settlement account, Maya Business Deposit has a disbursement tool that can be used as an effective payroll management system as well as to efficiently and securely pay your suppliers and vendors. Your account also lets you facilitate bulk transactions to pay multiple suppliers in one go. By consolidating various payables under one banking account, you also make it easier to review all the transactions you’ve made.
Keep in Touch Regularly
Setting up a consistent communication routine is another best practice you should implement with all vendors and suppliers. Doing so ensures you’re always on the same page regarding outstanding orders and deliveries. Regular communication also allows you to identify issues early on, such as delays in delivery, so you can adjust your workflow accordingly rather than be caught off guard.
The most effective way to do this is to leverage technology such as emails, messaging apps, and video conferencing to ensure each party is easy to reach. You may also consider procuring shared online databases or task management software to facilitate better tracking of deliverables.
Foster Transparency and Honesty
Both parties should openly share information about business challenges that can impact their operations. This includes capacity limitations, pricing changes, shifting demands, or any potential disruption in the supply chain. Being transparent with each other enables both parties to work out solutions together, leading to a stronger and more reliable partnership.
For example, if you anticipate sales to pick up due to seasonal demands, then conveying this to your supplier early on allows them to present possible adjustments in delivery quantity and schedules to meet your demands. Transparency also builds trust, providing a solid foundation for any successful business relationship.
Provide Feedback and Appreciation
Offering feedback to vendors and suppliers fosters improvement and strengthens your business relationship with them. Make sure your feedback is clear and actionable if needed, focusing on helping suppliers improve. If the last few deliveries you’ve gotten from a vendor were late, for instance, then firmly remind them about your delivery terms and ask what adjustments can be made to ensure it won’t happen again. Constructive feedback helps vendors refine their services, ensuring better quality in future transactions.
Alongside feedback, also take time to express gratitude for the work that they do. This could be done through simple gestures such as verbal recognition, thoughtful gifts or tokens, and occasional shared meals over a business lunch. Appreciation fosters loyalty and motivates suppliers to maintain high-quality service.
Be Open to Collaboration
Treat vendor relationships as partnerships, not mere transactions. Be open to collaborating on new products, services, or promotions that promote mutual growth. Doing this also shows that you’re invested in a long-term relationship, inspiring trust and confidence among your suppliers.
For instance, a clothing company could collaborate with one of its textile suppliers to come up with an exclusive collection. The clothing company is then able to market a new lineup to attract customers while the supplier enjoys an exclusive contract to be the company’s only supplier for that collection.
Build Trust with Vendors and Suppliers with the Help of Maya Business Solutions
Making timely payments, along with other best practices, helps build trust and strengthen your relationship with vendors and suppliers. Sign up for Maya Business today to access business banking and fund disbursement solutions that can make settling payables much more convenient.
Setting up a Maya Business account lets you open a Maya Business Deposit account that you can use as your settlement account. With our market-leading 2.5% per annum interest rate, your PHP 1 million deposit can earn PHP 25,000 in interest per year. What’s more, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, further adding to your savings.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, which you can use to expand your supply inventory to diversify your offerings. Simply use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy business solutions that can help you forge stronger connections not only with your customers but with vendors and suppliers as well.
