8 Tips on Maintaining Good Vendor Relationships
Strong vendor relationships are the key to long relationships.
Maintaining strong vendor management relationships will help lead to a successful partnership for your organization. In today’s podcast, we’ll cover 8 important tips to maintain good vendor relationships in 90 seconds.
Hi – my name is John with Venminder.
In this 90-second podcast you’re going to learn some tips to maintain good vendor relationships.
At Venminder, we help our clients manage vendor relationships throughout the entire vendor lifecycle on a daily basis.
Let’s get started:
- First, during the contract negotiation be sure to explain to your vendor exactly what is expected of each party and write these expectations into the contract.
- Secondly, I think it’s important to make your business goals crystal clear so that everyone is on the same page.
- Third, communicate well with the vendor. Have a dedicated vendor manager reach out to them periodically to check-in with any updates and to request status updates.
- Fourth, remember this is a partnership so it’s important that you try to be responsive as well to the vendor’s questions.
- Fifth, set due diligence expectations upfront. Let the vendor know what documents you expect from them, why they are important and how often you’ll be requesting each one.
- Sixth, never allow a vendor to do something that violates the terms of the contract. Sounds simple but it happens all of the time.
- We’re just about at the end, but this one is important – make sure that there are clear standards on how customer information will be handled even after the conclusion of the contract.
- Finally, my 8th, I think it’s crucial to express your organization’s service level expectations, particularly if the vendor is communicating directly with your customers in any way.
By following these 8 tips you and your vendor will be on the path to a successful partnership.
Thanks for tuning in; catch you next time!
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