Though it has always been important to keep a good relationship with your supplier, the COVID-19 pandemic made business owners examine just how good their supplier relationships were. Maintaining a great relationship with your supplier has been beneficial for businesses as it can make daily operations more smooth and can support a greater collaborative effort. Your supplier can help lead your business in growth and expansion to new markets if it remains strong.
Building trust with your suppliers happens when you establish and maintain a connection, keeping in touch on a regular basis. Taking the time to have your suppliers come visit your business will not only allow them to have a better understanding, but as a business owner you can share your company goals and strategize on how you will achieve them. Additionally, maintaining communication even when problems arise in your business allows suppliers to not only address these issues as needed, but can also help build up trust with your business and suppliers are more likely to stick with you during challenging times.
Provide Lead Times
Providing adequate lead times to your supplier will not only help their business be prepared but can also help to ensure that your business always remains in stock. Keeping your suppliers informed of your business goals and current obstacles can give them the opportunity to suggest new strategies and appropriate inventory for your company to prepare for large orders.
Identify and Monitor Any Risks
As a business owner, risk is inevitable which is why it is important to quickly identify and monitor any potential supply chain disruptions so that you can mitigate these threats before they become a substantial issue. With the possibility of risk in mind, working collaboratively with your suppliers to identify these risks is one of the best ways to be proactive and manage them appropriately. Being unprepared in these situations can create a lot of disruptions in your company and in your supply chain which in turn can damage the relationship with your supplier.
When discussing business needs with your suppliers, it is crucial that you establish realistic goals that both parties can attain. When meeting with your suppliers, first impressions are a vital part of showcasing the value and experience of your business. Therefore, it Is important that your business quickly identify a few key areas that you are successful in and take them over the top so that you will always do what is best for your supplier.
Maintaining a strong relationship with your supplier is a crucial part to your business. As a reputable 3PL with over 30 years in supply chain management, NewStream understands the importance of having open communication with your supplier. Our team of experts, are equipped with the knowledge and charisma to strengthen and maintain this relationship so that your business can focus on the bigger picture!
Ready to partner with a 3PL? Let’s chat, our experts are waiting to help!