At 59 years old I have had 25 years plus in the small business environment, I have been successful in building from a start up and also buying a going concern and developing the business to succesful profitable levels. These tips are based on my own journey between the age of 40-50. My aim in choosing this subject will hopefully help any small business to succeed and miss the pit falls of failure.
Suppliers who are they ?
- The life blood of any business
- Partners or just suppliers
- What do we want from them
- Are they friends in Business
If you give this some serious thought with out suppliers to your business, just as customers, without them, you have do not have a business. Suppliers are the life blood of any business. They are one of the three elements of a business suppliers , staff and customers. Remove an element and it is like pulling out a wisdom tooth.
Do you treat your suppliers as partners or just a business transaction ? I always had a philosophy that suppliers were as important as my customers. I treated them with the same respect and gratitude that they chose to do business with my company. That said, there are good suppliers and bad suppliers, BUT I still treated the bad ones with the same respect. Guess WHAT ? after time those bad ones improved, their deliveries improved , their service improved and their payment terms improved interesting ?
We want from our suppliers, to be treated with respect and given a form of importance within their organisation. We want good supply line, good cost's and good payment terms. If they deliver on time good products at a price we can make a good profit on, then they allow a reasonable payment schedule what does this do to our business:
Value, Profit, Cashflow.
- Our product lines have value.
- Our profit will be dependent up on the transaction.
- Our cashflow will be improved.
Over the years of doing business, I have created friend's from suppliers and customers. Even though I do not trade in that Niche any more they still keep in touch and stay friends. I have some friends from 40 years ago when I started my first job, if you think about it this is amazing. so the answer is There are friends in business.!!
I am happy and fulfilled person, I have a property business and an online business. I have learnt to serve others ( as I hope I am doing now ) respect others for what they are trying to achieve no matter how big or small their ambition. I work on my attitude each day and look to help anyone I can on a daily basis.
Thank you for taking the time to read my blogg, please share like or comment.