Top Tips To Keep Your Suppliers Happy

 

Running a successful business needs many things. Arguably one of the most important is to have good suppliers that can meet your demands and are easily contactable. Once you have found your ideal suppliers and have built up a good relationship with them, you need to keep them happy to keep your business going.

Here are some simple ways that you can ensure your suppliers are happy, and therefore your customers as well.

Payments

One of the biggest issues that companies have with their suppliers is money. Making sure your suppliers are regularly paid, on time is a must if you want them to continue supporting you. It can be difficult when you are a new company, trying to keep everyone paid and up to date, but without your suppliers, you won’t have anything to sell.

For much larger organisations at the other end of the scale such as those running SAP ERP, who already have contracts and payment terms agreed and in place with suppliers, then a SAP Portal, known as a Supplier Portal, is a must. Managing Purchase Orders, raising RFQs and analysing KPIs is crucial in effective supply chain management.

Honesty

The relationship between a company and its suppliers is a close one that relies on trust and honesty. It is important that any issues that arise are dealt with quickly to prevent any issues.

If you are finding a particular product that they supply isn’t working, tell them about it. They might have a solution that can fix the problem. Similarly, make your suppliers aware that they can always speak to you if there is a supply problem.

Give Feedback

Companies can only really know if they are doing a good job if their customers tell them. The same applies to your suppliers. If something they have supplied has worked out well, let them know so that they can keep doing the same thing.

You should also regularly ask for samples of their new products. If you like some of their products, chances are you might like other products they have to offer you. It might also give you a good idea for use in one of your products.

If you are looking for a new product or ingredient, then ask your current supplier first to see if they have it. If they haven’t then it might be something they can arrange.

Credit Terms

Many suppliers won’t offer you payment terms if you are a new customer. It is because they don’t want to be left with money owed by a company that might let them down. However, this doesn’t mean that you can’t still use terms to pay the invoice.

If you have a credit card, you can pay your supplier the balance in full. They will like that because it guarantees they get the money in three days. For your business, you will still get 30 days to pay the credit card balance, so it works for both of you.

By using these ideas, you can not only build a better relationship with your suppliers but also ensure that you both keep things honest and open.