Treat Your Suppliers with Respect

© THE PROFIT LINE Reprinted with Permission

In running a company, it's essential to recognize that your suppliers are your partners. Without the goods and services they provide, you would not be able to run your business. Treat them as the valuable allies they are and you will enjoy greater success.

Treating a supplier with respect means being the kind of customer you yourself would like to have.

Pay your bills on time, every time. If you know you will be late with a payment, communicate with the supplier immediately.
Be honest and courteous in any negotiations. Look for ways that both sides can win in any deal rather than seeking an advantage at the supplier's expense.
Honour any promises you make to a supplier, such as when you will get back to them about a purchasing decision.

By doing such things, you build a history of trust with each supplier that you can draw upon in times of need. Perhaps one day you'll need a delivery more quickly than their regular schedule allows. Or maybe you'll need an extra month or two to pay your bill. If you've developed a good relationship with your supplier, they will likely be happy to extend you these favours.

Wouldn't you do the same for your best clients?