A lot of businesses rely on suppliers to help obtain things that have a direct and indirect impact on their business. For example, retail stores need suppliers to provide their products which they’ll sell. Then, you have office businesses that need generic office supplies to help them conduct business.
Dealing with suppliers is key, as you need to have a good relationship and keep costs to a minimum. Here’s some advice on how you can deal with your suppliers better:
Finding A Good Match
First and foremost, you want to find a supplier that fits your company well. What this means is their company is similar to your company regarding values, etc. For example, if you hold yourself as a very green company with an emphasis on recycling and doing good things for the environment, then you should look for eco-friendly suppliers. It wouldn’t look good if you preach about being green, then get into bed with a supplier that’s got a huge carbon footprint. So, think about your company values and find suppliers that align themselves with them. Of course, you also want to consider their cost compared to your budget. Don’t overpay for supplies, or you’ll find it difficult to turn a profit. In an ideal world, you’ll find suppliers that fit your company culture and are extremely affordable at the same time.
Coping With Payments
Of course, you have to keep up with payments to your suppliers. Naturally, you don’t want to pay for something if it hasn’t arrived yet. So, most businesses hold off until a supplier has delivered their goods and you’re certain everything is there. They’ll leave you with an invoice, and give you a date with which you have to make the payment. It’s important to get this done as soon as possible, as you don’t want a supplier invoice hanging over your head for too long. So, what you can do is consider something like same day check printing where you print off a check when the supply arrives, and send it straight to them. Easy as can be, and a very secure way of paying suppliers. Plus, it helps keep track of financial records too, which is helpful come tax season.
Getting Good Deals
The key with suppliers is to ensure you always get good deals. The best way to do this is to stay loyal to one company. If you’re a loyal customer, they will reward you by being more lenient with their prices. In the future, you could get cut-price deals on supplies, which helps boost your profit margins. Also, they will be more inclined to help out their valuable customers like you. What this means is you could have freedom of delivery choice, or be able to book emergency deliveries at short notice. If you stick with them long enough, they’ll never want to see you go as they value your business. Take advantage of this, be loyal to suppliers once you find the ideal ones.
With this advice, you’ll have great relationships with all your suppliers, and it will benefit your business greatly.
