Most product-based companies have similar business models: vendors sell merchandise to customers and collect inventory from suppliers. The supplier is important to this business exchange – just like the customer. While cultivating relationships with customers is necessary for business, building successful vendor/supplier relationships is invaluable too.
How to Build Successful Vendor Relationships
Vendors can build healthy relationships with suppliers in four ways. These concepts are easy to remember as they all begin with the letter T: talk, time, task, and TOPYX®.
- Talk – Communication is paramount in business operations. It is especially important that vendors and suppliers have the ability to send each other messages and feedback.
- Time – Meetings, deadlines, and shipments are a few aspects of business operations that depend on keeping synchronized schedules. How can separate entities share a realtime, easy to update calendar?
- Task – For a vendor and supplier to work in tandem, a clear understanding of what goes on “behind the scenes” needs to be established. When tasks are clearly defined, both parties can be on the same page.
- TOPYX – A social learning management system (LMS) is an ideal structure to host healthy vendor/supplier relationships. It encourages communication, saves time, and increases efficiency.
An LMS Can Simplify Vendor Relationships
TOPYX social LMS simplifies communication, efficiency, and task coordination, making it possible to build successful relationships between vendors and suppliers. (Experience the many features and benefits of TOPYX: request a free demo.)
When it comes to communication, TOPYX provides a secure place to exchange messages, broadcast memos, and conduct realtime chats. With social media tools, it is simple to send and receive information quickly, so that business can operate on schedule.
The saying, “Time is money,” is true. Submitting purchase orders and coordinating related tasks with suppliers need to be effortless. Sharing calendars with suppliers can keep business on the right track.
Efficiency is a vital component of all lucrative businesses. A social LMS can instantly connect vendors and suppliers with need-to-know information. Having a database of policies, protocols, training materials, and more, allows both parties to access information and answer questions independently.
When it comes to business, healthy vendor relationships are vital. To remain in sync with suppliers, keep the four “T’s” in mind. Working in tandem will happen naturally when a structure is in place to host communication, promote efficiency, and coordinate tasks.