How to Build Strong Relationships with your Key Partners
Oct 03, 2024
Written by Charlotte Steel
In business, strong relationships are everything - and that includes relationships with your Key Partners, aka your suppliers. Whether you're dealing with manufacturers, service providers, or professional services, the way you manage these relationships can significantly impact your operations, quality, and how you feel as a Business Owner. I’m sure you value long-term customers, but don’t forget that your suppliers play a crucial role in your success too. Establishing solid, efficient, and reliable communication with them ensures smooth operations and prevents delays or disruptions.
Having a Proactive Approach
A proactive approach to supplier relationships is important to ensure operational efficiency. Consider how you work with your accountant: if you're proactive in providing the necessary documents, like receipts, invoices, or expense reports, your accountant can do their job effectively, ensuring your finances are in order. Conversely, last-minute rushes create stress and increase the likelihood of errors. The same logic applies to all of your suppliers. By anticipating their needs and encouraging regular communication, you can improve turnaround times, minimise misunderstandings and build a trusting relationship with them.
Being proactive allows your suppliers to do their best work for you. For example, if you need specific materials or services, giving clear briefs well ahead of time gives suppliers the chance to deliver on time and at the right quality. It also opens up space for flexibility in unforeseen situations, ensuring that when problems arise, you already have a strong partnership to resolve them quickly. If you set a positive standard to your working relationship with them early, they will want to do everything in their power to keep you happy.
Actionable Tips
- Schedule Regular Review Meetings: Build a routine with key suppliers where you regularly review performance, expectations, and upcoming needs. These reviews can highlight any issues early, give your suppliers feedback, negotiate revised terms and allow you to adjust any expectations or deadlines before they become a problem.
- Submit Documentation Early: Be committed to getting suppliers the information they need early. Whether it's product specifications, documentation like receipts, or financials like invoices - early submissions keep things moving smoothly and avoid future bottlenecks. In cases where suppliers require approvals or reviews, submitting in advance gives them time to correct any mistakes before the deadline.
- Develop Clear and Detailed Briefs: When requesting services or products, always provide clear and specific briefs. This helps suppliers understand exactly what is needed, reducing back-and-forth communication and minimising the risk of errors. If possible, include deadlines, expected quality standards, and any critical details that could impact their work. Take time to consider what your supplier processes are on their side - remember they are all businesses too looking to relish in positive relationships and to be profitable.
- Pay on Time: Timely payments are not just about maintaining good relationships—they’re about ensuring you’re a priority client. Suppliers who get paid promptly will see you as reliable and that can work in your favour when you need something urgent or special.
- Encourage Open Communication: Encourage open communication channels where suppliers feel comfortable providing feedback or raising concerns. In turn, you can do the same. This definitely deepens your partnership. Have this as an agenda point to discuss at your next review meeting.
Start building your Supplier relationships today…
Start building stronger supplier relationships today by implementing these simple but effective practices. Proactively managing these connections will not only improve your operational efficiency but also create a network of reliable, long-term partners who are invested in your success. Take the time to reach out to your key suppliers and schedule your next review meeting—ensure your business is set up for long-term growth and resilience.
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