Suppliers Should Be Understood Deeply
Many times we treat suppliers as if they are expendable. A post from the Procurement Leaders may keep us from making that mistake. See the whole post here as it has very good thought.
If a supplier goes out of business, the cost is actually very high and can stop production. However, suppliers who have no interest in your business because you treat them badly are always a risk for you.
The are a quality,work stoppage, and IP risk waiting to happen and it should not be.
Suppliers are important stakeholders. Find teachable and reputable suppliers who want to work with your company and partner with them. Develop them and let them into your world. When they know more about you, they can innovate to help you. When they know less, they cannot. Respect them and treat them with dignity. It could also help you on price. For some customers, we will give a better price as we like working with them. Sometimes that is a volume question, but we also know it is a question of how that customer treats us. I will go the extra mile for some customers and so will the right suppliers around you.
We should push suppliers and check them as partners. Together, we can seek better business success.
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