Clients and sales are typically the top focus for any company. Without a consistent stream of revenue coming in, it would be difficult to pay employees, rent, loan payments, and pretty much any other expense that is necessary to run a business.
While we typically shine the spotlight on the client, the relationships with the companies that you purchase goods and services from can take a back seat. These are considered vendor relationships. After all, you are paying for a vendor’s products or services, what more do you need to do?
Building and maintaining strong relationships with your vendors brings several strategic advantages to your company. Vendors can directly impact your bottom line, help you grow by becoming a potential referral source for new business, as well as build your reputation.
Vendor relationships and your bottom line
If your company sells a product or service, you likely rely on outside vendors to conduct your business. Some vendor relationships are obvious, others are not. Companies often use vendors and suppliers to;
- Purchase parts or materials for products that are sold
- Provide creative and consulting services, such as marketing, design, and communications
- Computer and technology services
- Office supplies