Monday, August 29, 2016

How to Build a Good Relationship with Your Suppliers

How to Build a Good Relationship with Your Suppliers

No small business is an island.

Every small business will need help in running the day-to-day operations, especially in times of growth. This is why building a relationship with those suppliers that provide your small business with the tools necessary to keep your business running smoothly is important. Here are some tips on how to build a good relationship with the suppliers of your business.

Pay your Bills Early

As a small business owner, I am sure you would appreciate it if a customer decided to pay your invoice well before the due date. Imagine how your suppliers will feel if you do that for them.

Regularly paying your suppliers invoices early goes a long way towards building goodwill. They will appreciate it. That is one less invoice to worry about collecting. This is especially true if your supplier also happens to be a small business.

Many accounting software programs, like Xero, can assist with this by allowing you to set-up automatic bill payments directly from your small business's bank account. For more information on billing in Xero, click here.

Give them Referrals

One thing all businesses have in common is that they all would love more customers. If you come across someone in need of something that one of your suppliers can help with, refer them to your supplier.

This helps your business by building a relationship with your supplier, but it also provides your small business with a potential referral source. By sending customers to your suppliers, they may return the favor by sending customers your way. Referrals can be a source of exponential returns for both businesses.

Do Unto Others...

There may come a time when your supplier may become your customer. When this happens, provide your supplier with even better service than they have provided you. Do more than simply fulfilling their needs.

If your supplier gives you some concessions because your small business has been a loyal customer, be sure to return the favor. They will appreciate the efforts of your work along with reciprocity and may be willing to do even more for you in the future.

Being a small business owner is about building relationships and having a good relationship with your suppliers plays a huge part in your business’s long-term success. Show your suppliers how much they mean to you and your small business by becoming their most prized customer.

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