The business-vendor relationship can effectively communicate needs, establish a rapport of trust, and build a loyal foundation for repeat business. Whether a vendor is supplying resources for a single organization or uses multiple vendors itself, ensuring that the efficient operation of day-to-day business is sustained is heavily reliant on selecting the best vendors.
Selection criteria and the best methods in selecting the best vendors for your business
While there is a myriad of variables in finding the best vendors for your business needs, we have simplified the process to 3 key factors:
Knowing your business needs
Selecting the best vendors to meet your needs logically begins with — knowing what those needs are! This selection process requires a more systematic, business-like process that goes beyond listening to those inherent human emotions.
The vendor selection process begins with:
- Analyzing business requirements vs. budget.
- Researching a variety of vendors who provide the same supplies or services and arranging a consultation with the vendor to get a bid or price quote.
- Discuss all the gathered data with select members of the management team to ensure the price quoted, the services offered, and the purchase of supplies or services will benefit the business.
- With the vendor selection process steps complete, it is time to negotiate the vendor contract that spells out all that the vendor agrees to provide, the price for supplies or services, the time frame of contracted service, and the right to cancel.
Mutual understanding of vendor practices
Another vital element to strong vendor relationship management is the understanding of standard work ethics in both client and vendor — honest communication, successful client testimonials, and customer courtesy.
Understanding the quality and value of what the vendor supplies
While a successful bottom line is vital to a business, successful businesspersons understand positive vendor relationships are not based on finding a vendor who provides the lowest price. An essential part of the vendor selection process steps is the weighing of quality and value f=or the price quoted.
Important quality issues include up-to-date equipment, trained personnel, the use of appropriate materials, and a streamlined time management process that respects the agreed-upon timeline for job completion. Such quality and value is a traditional, good business practice that makes for client and vendor trust!
Haskell Paving is a family-owned business providing asphalt paving, milling, and snow plowing services to northern and central New Jersey counties for 50 years, with our recent expansion of service to counties in New York and Connecticut. We are proud of our reputation and welcome the opportunity to include your business in our portfolio of projects. Contact Haskell Paving for a free consultation and price quote.