Entrepreneurship Growth

Why Finding the Right Vendors Is Key for Business Growth

When you go shopping, you simply walk into a store, find the product you need, buy it, and head home. It’s a pretty simple process overall. But the truth is, the process behind the scenes is anything but simple. To keep business running and products on the shelves, it takes a whole village working at or for the company. It’s like a big puzzle that comes together to make the perfect picture for you to enjoy. And if you run a business, you know all too well about supply chain management, customer relations, and vendor communications.

Perhaps one of the most important pieces of your business puzzle is your relationship with your vendors and suppliers. You can’t create quality products to sell to your adoring public without the tools and systems you need to make those products great. Whatever your stretch goals or account needs, your vendors work with you to provide customized pieces on time for a low cost. Fostering this relationship is easily one of the most important things you can do to run a successful, prosperous business. Choose wisely, because the wrong vendors can cost you time, money, brand integrity, and loyal customers. You can’t afford to be fighting with suppliers when your demand is at an all-time high. Instead, take control of your company and your business model by choosing the right vendors and maintaining a healthy, mutually-beneficial relationship with them. Here are just a few reasons why the right vendor is a must to help your business grow.

The right vendor helps you make the best product.

Simply put, the right vendor helps you make the best products. Their responsibility is to provide you with the goods and services your business ends up selling. Whether you’re creating new products or selling these items at a wholesale store, the items you get from your vendor have to be state-of-the-art. Otherwise, your product quality is going to suffer. You’re familiar with the story of the “Three Little Pigs,” right? What happened to the two pigs who made their homes out of subpar material of straw and sticks? Their house blew right down. But the pig who made their house out of bricks ended up with a much better product. Stick to the vendors that are selling you bricks. It will help you exponentially down the line.

They help keep you on track.

When you think of a vendor, you probably picture factories sending out raw materials to businesses. But the truth is vendors are much more versatile than that. Not only do they make products, but software and services that can also greatly help your business. Many companies outsource their communication software, goal-setting systems, or web design needs. Vendors can provide you with objective and key results (OKR) software that will keep your team on track, inspired, and outcome-focused. With transparency across all your communications between team members, this software will help grow your business with great workplace conditions and a new company strategy. Find vendors that help give you the best practices to grow your business and reach your target achievements.

Vendors repair systems you don’t even think about.

You’re running a business which means you’re incredibly busy. You don’t have time to make every little thing your top priority. The beauty of the right vendor is they help with the sustainability of all the systems you don’t have time to worry about. Take your water quality, for example. For commercial or industrial water systems, you need pure water that works for you. Hire a vendor to help with reverse osmosis service to guarantee a positive assessment of your water. Eliminate unnecessary downtime and get the water you need without even thinking about it. A great relationship with a vendor will benefit your entire organization, in ways you don’t even realize or think about.

Help organize where everything is going.

Vendor management is key to make sure all your supplies and systems work harmoniously and get there on time. Get insights on when and where your products will be by staying in direct communication with your vendors. Usually, heavy-duty items are coming straight from a warehouse. You can track when the narrow aisle forklift hoists your products down from the shelves and moves them onto the trucks. Stay on top of your performance reviews by staying organized with your vendors and supplies.

Lower your risks.

The beauty of a strong relationship is that there is a lot of trust built up there. The same goes for companies and vendors. When you’ve found a reliable supplier, you lower your overall risks for your business. Rather than wondering if you’ll get a good product or whether or not something will show up on time, you can trust that your vendor will get the job done. You will be in close communication with the group that manufactures your products and can even make sure they are approved by the Fair Labor Association. You want to be working with reliable, ethical companies. Once visibility is available, you can see what they have to offer and eliminate any risks involved with employee engagement or product quality. Without that constant worry, you can focus on the scalability of your business and other company objectives.

Save yourself money and time.

As you work to grow your business, you can appreciate more and more the value of your energy, money, and time. The right vendor and a good relationship with your manufacturers will save you on all three. At the end of the day, vendors are working to make money too. They value your business as much as you value their service. If you are loyal to one supplier, there is a good chance you will eventually be offered deals or better rates. That mutual relationship has always brought them a desired outcome, so they’re more likely to reward the participating company, which is you. So eventually, you’ll save money with your vendor and be able to put that money back into expanding the company or incentives for your team members.

As far as saving on time and energy, it can take a lot out of you to find a good supplier who’s product you are consistently satisfied with. Constantly going through applicants or testing out items is not a good use of your time. With a reliable vendor, you already know who you are going to and what you need. It cuts your time down considerably and lets you focus on other more ambitious goals. Plus, for loyal customers, vendors will work to keep them happy by sending out shipments on time, every time.

Support and protect your brand.

When you’re building a company, your brand matters. You want to be known for something unique and prove you are working for a loyal customer base. The right vendor will help support and protect your brand. First of all, there is a chance your vendor has some brand loyalty of its own. Utilize that to show your company is also reliable and top-notch. People may gravitate toward your brand when they know you’re selling products from a particular supplier. Also, the efficiency of your vendor will allow you to operate efficiently on an individual level to each customer. This is a great place to start showing what you’re made of and proving you’re ready to take your company and brand to the next level.

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