8. Pay On Time
Your supplier does a job and should be compensated for it. Consider the last time a customer was late paying you. Even if they had told you the check would be a few days late, consider the slight annoyance you felt at having to wait, and the relief you felt when the check finally arrived. Paying your vendors on time demonstrates that you respect them and the work they do.
9. Stay Flexible
This is different than planning for disasters or setbacks in your production schedule. Staying flexible means adapting to everyday issues that arise.
10. Continuously Work on Strengthening Your Relationship
Look for opportunities outside of general day-to-day contact. If you have a quarterly meeting or invite your suppliers to come and visit your facility, make sure to spend time with them and forge stronger bonds. Ask your suppliers for feedback. Encourage them to have open discussions with you about ways that the relationship could work better or more efficiently. Supplier relationships are partnerships and as such, are also a two-way street.
Forming long-lasting and mutually beneficial relationships with suppliers will aid you in keeping your manufacturing schedule on time and ensure that you make and sell quality products. These reasons are important enough to make sure that you manage your supplier relationships well.
To learn more about how to work with suppliers, read our article on how to negotiate the best deal with your suppliers.
Culled from quickbooks.intuit and adapted