How to establish the trustable relationship with your supplier?
In today’s marketplace, there are many options for customers in search of a precision CNC machine shop. Maintaining a great relationship with a supplier is as essential as hiring a good accountant, as each contributes to the success and growth of your company.
As suppliers can have a drastic impact on your business, it is in your interest to keep them happy by respecting how they view your transactions. Sometimes you may need them to go the extra mile. In these instances, your supplier will only go out of their way to accommodate your request if they already feel respected. This is not to say you should be a pushover. Be firm in relaying your needs, but in doing so, be fair. Review the following ground rules to ensure your supplier will be satisfied with your partnership and that the relationship is beneficial for both parties.
1. Pay on Time
There is nothing that cripples a relationship quicker than not paying your bills on time. Once payment terms are in place with your supplier, don’t abuse the conditions of the deal. Flexibility is not an option, even if the supplier has been flexible in their delivery. If you pay on time, the supplier will be much more inclined to deliver in a punctual manner. If you happen to find yourself in a bind and can’t fulfill your payment, don’t skirt around the issue. Promptly reach out to the supplier, and be sincere about the situation and honest about your ability to pay. This will be your only saving grace. With that being said, you should always pay on time. A supplier’s cooperation and offerings soar when the buyer abides by this rule.
2. Build the Relationship
Though telephone and email communication is today’s norm, you should break that trend when it comes to your suppliers. Drop by their offices, and invite them to yours. Include them in company events. The more you take advantage of these face-to-face opportunities with your suppliers, the more appreciated they will feel. In return, they may be willing to work harder for you. If they feel a personal connection, you will inevitably be at the forefront of their minds.
3. Give Favorable Lead Times
Choosing and managing a suitable “lead time,” or the time between you placing an order and receiving it, is about realizing the needs of both your company and your supplier. You want the product as fast as possible, because a quick turnaround means less inventory bubbles and faster product availability. But on the supplier’s end, your order is likely one of many orders from multiple businesses. Find a balance between your hunger for a fast delivery and their desire not to be overwhelmed. You want to give them as much lead time as you possibly can. Occasional circumstances sometimes arise that require you to place last-minute orders, and that’s typically okay; just don’t make it a habit. If you take the time to understand the needs and production methods of your supplier, it will help in recognizing how to appropriately play your cards.
4. Keep Them in the Loop
You can show suppliers that you value your relationship by keeping them updated about your business. Not only does this affirm a sense of collaboration between you and your supplier, but it also implies that you see them as one of your own. Update them if your company’s point of contact changes, if your products are selling well or poorly, if you think the process can be improved, etc. Another benefit to sharing this information is that it provides them with the opportunity to look for new ways to service you. Additionally, if you share potential strategies, such as running a promotion that could escalate your volume of sales, the supplier can take preparatory measures to meet larger demand.
Keep in mind that suppliers can be some of your greatest advocates. If you treat them well, they might even open up their database of clients to your business. Translation: “More customers for your business. More money for both of you.” The rules for building a great relationship with suppliers are not complex. Be respectful of their needs, and they’ll be respectful of yours.
Worthy Hardware is a CNC manufacturing and sheet metal fabrication company, including CNC machining services, CNC milling services, CNC turning services, laser cutting services and stamping services. Call us +86-76989919645 or email us [email protected] for more discounts for your projects.