Imagine this: you and your new business have finally made it off the ground. Orders are coming in consistently, money is being made, and everything is right with the world.
Then you get a call from one of your vendors that there’s a delay in your delivery. This hiccup is liable to put everything you’ve built in jeopardy. Every small business has gone through this if they’re in the game of buying and selling.
Although issues are always bound to arise, you can try to minimize situations like this.
That all predicates on how you are communicating with vendors. Here are six tips to consider when trying to find the right people to help your business grow.
1. Are They Experienced?
The first thing you want to consider when choosing vendors for your business is their experience level in their field. You are a small business, and sure, you might be willing to take the risk to grow with another small business.
But about half of small businesses fail within the first five years, and you don’t want your business to tank because you decided to go with an inexperienced vendor.
2. Are They Reliable?
As the situation in the introduction alludes to, sometimes things happen that nobody can control. However, when choosing quality vendors, you want to be sure they are reliable in these kinds of situations.
even if there is a hiccup in the supply chain, you want vendors who will stop at nothing to fix it efficiently and expeditiously.
3. Do They Communicate?
Communication is key to any relationship, and in business, it is no different. You want vendors who can effectively communicate with you about issues that may arise.
This goes hand-in-hand with their reliability. try to mitigate certain problems through communication on Riskonnect.
4. Are They Flexible?
If you’re having a problem, can your vendors compensate? If you need a dropoff/pickup for products at times not previously specified, can they accommodate your request?
Flexibility is a difficult task, but even then your vendors should show the ability to at least try to work with you on accommodating your requests as partners in a venture. This is the hallmark of working with flexible vendors.
5. Do They Build Strong Relationship Ties?
Ultimately you want a vendor whose company knows how to have friends and keep their friends happy. You don’t want a company as a vendor/partner who disregards your needs and demands.
If they are a quality vendor with experience and reliability, chances are that they have many business associates and strong relationship ties.
6. Are They Readily Accessible?
Sometimes it’s hard to get a hold of someone with any real authority. But a quality vendor will make it their business to be accessible to you if there is ever an issue.
When choosing vendors for your business, don’t make it more than what it has to be. If you have these tips in mind, your business will thrive and create new partnerships.
For other informative articles about upgrading your business like this one, be sure to browse the rest of our blog.