Vendor Relationship Management - Very Important

Vendor Relationship Management - Very Important

Ok, I was forced to. I will not get into that email, but they really need to know how to manage vendors.

1) Always, always pay your bills on time. One late payment by a day or three is acceptable. Not 3 weeks, or a sudden change in subscriptions means you hold back the bill, and pay less. That hurts the vendor too. In fact that could be the killing blow to many of them

2) Be nice to them. You never know what the next vendor could do to you or if they could service you as good as the current or previous ones.

How do you then manage them then? Simple. Treat them as you want to be treated. Its not about buying drinks or playing a round of golf. Be nice. If they don't get paid, you don't get serviced. In fact they may just ignore you. If they ask for a response on emails sent, then please respond. Forgetting to do so may land your company in hot soup.

Here's a fact. Vendors speak to each other. Industries are populated with so many of us, we end up working together on projects, and yes, we do talk about our customers. Not their business processes or secrets, but their attitudes. We heap praise on 3 of our clients. About how they treat us, their payment is never an issue, and how they manage their incident reporting with us, in a reasonable fashion.

Then, we have the ultimate goosers (could not find a word to describe them without swearing). Late payments. Demanding. Threatening. That's them. Another company had referred us to them for our services. The other company finished off and left, we and carried on due to the nature of their software, and out business model. Yes, we get projects from them, but I would rather we didn't. (3 grey hairs just grew out of my head thinking about them). The other providers and us have talked about them ad nauseum. In fact, a third vendor did some work for them, and has now declined to answer their calls or take any contracts from them.

Remember the marketing law. Tell a person one good thing, he tells 3 others. Tell a person one bad thing, he tells 8 others.

VRM. Live it. Breathe it. Practice it. It may just save your company.

P Ryan Joseph

Your Business Online

http://www.ybo.com.sg

info@ybo.com.sg

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