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The Importance of Trusting Your Vendors

As a business owner, it is common to be working with a variety of vendors. A generous portion of their success relies on vendor relationships as a result of selling products and services. When choosing a vendor, it is important to ensure both parties have the similar goals and core values while also receiving a mutual benefit. When these align, a solid partnership will be built along with an overall stronger business. For a healthy long-lasting dynamic, it is essential to build and maintain a strong connection by developing relationships, ensuring both parties benefit, and handling conflict in a mature manner.

Developing Relationships

In terms of creating a healthy relationship, there must be these three things :

1.Respect. There must be a mutual respect amongst the vendor and the supplier in order for there to be a strong partnership.

2. Trust. This must be received from both parties and may take time to build.

3. Fairness. Being fair and honest will allow partnerships to last in the long-run by being truthful.

Mutual Benefit

It is important for both parties to understand what each person brings to the table and how they will benefit from each other. Not only ensuring how both parties contribute towards the business, but understanding how this will be executed is important for organizational purposes.

Handling Conflict

While dealing with any relationship, conflict is inevitable. How you deal with it defines who you are as a businessperson and partner. The best case scenario is avoiding conflict at all costs; however, one must confront it with the right tactics and intentions. Some common cases of conflict include late payments, product returns, late delivery, and poor product performance. Resolving problems is never easy, especially amongst business partners, hopefully both parties are willing to put aside differences and find a middle ground.With that being said, it is important to be as proactive as possible to resolve issues before they become worse.

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