When it comes to our business and the ways we operate, we always try to add value through quality employees, resources, equipment, facilities or research.
Each of us highly values our relationships with our employees and customers, but there is often an overlooked valuable relationship that can elevate your organization's competitive advantage: vendor partnerships. When you first think of a vendor or manufacturer that you work with, they are often simply thought of as a source for supplies, products or services - nothing more than a transactional relationship. In reality, however, exceptionally good partnerships with your vendors will bring incredible knowledge and a wealth of resources that can make your business even better.
I know firsthand how critical vendor partnerships can be to an organization. At our company, we focus very intently on forming true partnerships and consolidating our vendors in the critical areas in which we operate. "Excellence Wins," a book by Ritz-Carlton Hotel Co. co-founder Horst Shulze, details a company that prioritizes excellence at every corner of its business. Shulze started off at the lowest levels of the hospitality industry, working as a busboy and dishwasher. Today, he is considered one of the most successful people in the luxury hospitality industry and has solidified a positive reputation in the business world. "Excellence Wins" focuses on the seemingly minor details that make a difference when it comes to being the best in business. As a team, he said, we "together rise to excellence." Shulze's particular business focuses on bringing the greatest possible hospitality and service to customers.
However, no matter the industry or type of business that each of us operates, we're all in the service industry, enabling our teams to serve our customers with excellence in mind. It is critical to dial in on vendor partnerships, as well as all other aspects of our businesses, to produce valuable and useful solutions and services for our customers. We emphasize this point in the "Commitment to Excellence" that all of our team focuses on: "Treating our vendors as a partner." This gives us the opportunity to develop and maintain valuable relationships that, in turn, give us the ability to provide quality products and services that are critical to our customers' success. In the end, that's what building a business is all about: serving customers and meeting their needs. Without true partnerships, that would be impossible.
A vendor partnership allows both parties to be valuable and beneficial to one another, truly strengthening who you are as a company. As a business, your role is to purchase products and services from companies that provide value. When a true partnership is established, your vendors are motivated to provide you with more resources. You source products that they manufacture, but when you have a true partnership, you also have access to the vendor's technical knowledge, expertise, engineering, R&D and more. In return, you receive a wealth of information, dedicated supply line, exceptional service and the ability to leverage your spending through your partnership. In the end, all of these things bring true cost savings to your organization.
As managers and leaders in any industry, it is our responsibility to provide our teams with the vision and business principles for our organizations to be successful. Establishing a vendor partnership is one of those key items. Not only does it help financially, but it also helps you make your customers more successful. As organizations, we are problem solvers and solution providers. Having vendor partnerships is an integral tool that elevates your level of success. Sometimes the problems don't have easy solutions, and having a key vendor partner in your back pocket could make all of the difference.
For more information, visit www.gopherindustrial.com or call (800) 997-3177.
