FASHION RETAIL / Jun 24, 2019

[Business] ARE YOUR SUPPLIERS HELPING YOUR BUSINESS GROW?

The relationship with your suppliers is an important aspect not only for the success of your business but also for its growth.

When trying to grow your business, it’s important to maximize each advantage, and you are likely overlooking the extra benefit you can get from your suppliers.

Remember that the companies to which you buy products and services can be potential partners, because, if your business grows, they also benefit as you’ll be able to buy more, so your success is in the interest of both.

If you have a good relationship with your suppliers and you are known for paying on time, they could increase your available credit and give you more time to pay, which can get you out of a hurry if you are in a moment of low cash flow.

Turn Your Suppliers into Partners for Your Business Growth

We recommend that you reflect on what you expect from each of your suppliers. There may be hidden opportunities for you, and that can be very beneficial for your business.

Also, certain aspects can help you identify if a supplier is helping your business grow or not.

Innovation and Improvements

If your supplier is not growing and improving her offer for you, you’re not getting continuous value from her. She is an expert in her field and should have the potential to innovate her work to offer you better products.

Advice

A supplier that’s working to grow your business should offer advice based on what you really need and not only what you want to hear.

Beyond Expectation

If your supplier exceeds your expectations without your pressure, it’s worthwhile to develop and consider her as a partner for important projects.

Time

Time is worth gold, and that’s why your supplier must give the necessary time and attention to your business, to know how it’s going, and what its needs are.

The best suppliers are those who are continuously giving you new ideas and suggestions to improve your business. There is much to be gained by having a stable supplier base, as long as they help you grow by improving aspects of the business.

The stability and support of your suppliers are essential when you are growing, or your business is seeing changes in the market.

So don’t go with suppliers just for the price. Consider the whole package of benefits to give a higher value to the business relationship. Also, reward proactive suppliers. They’re a great asset to your business!