Keeping your suppliers happy

One of the many secrets to a successful business is learning to keep your suppliers happy. Always remember that suppliers have to be treated with respect; you are the customer to the supplier. And you would always want your customers to treat you with respect. So follow these tips which are very effective in keeping suppliers happy.

1. Always aim at paying your bills on time, every time. If for any reason you find that you will not be able to pay your bills on time, have the courtesy to inform your supplier that you will not be able to do so and mention the expected date of payment.
2. If you have any negotiations with your supplier, be honest and courteous with them. Work out a solution where both you and the supplier benefit in the end and not with one of you ending with a disadvantage.
3. If you make any promises to the supplier about things like the next purchase or the next time you need their services, make sure you honor them.
4. It is very important that you develop a feeling of trust and confidence between you two as you never know when you will have to bank on this trust. At times, you will need a faster delivery, which will be possible only if the supplier trusts you.
5. Make it a point to be current on all relationships with your supplier so that if you need any financing from them in the future, they will be more than happy to comply with your demands. However if you are behind in your accounts, you cannot expect them to do a favor for you.
6. It is quite normal for suppliers and vendors to offer discounts on your purchases if you make early payments. In such cases, if required, you can always extend the payment terms of your understanding, based on these discounts.
7. If you let the supplier have a lien on the materials they had sold you in exchange for extension of loan terms, they will feel more comfortable doing business with you. Like in any other financial transaction, suppliers and vendors feel safer with a deal if there is collateral they can keep if you don’t pay your bill.

By keeping all these seven tips in mind, you will be able to succeed in keeping your suppliers happy. They don’t require any special effort from you, and are actually the fundamentals of a successful business relationship.