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5 tips for effectively managing vendor relationships

The success of any business that uses vendors is dependent on the relationship running smoothly. Without effectively managing your vendor relationships, you could find yourself in a situation where your customers can’t get what they need. This affects your bottom line and you may be left wondering why.

In general, working with vendors is a way to pass on savings to your customers. For example, many vendors offer discounts, resources, promotions, rewards, and other incentives that can then be used to keep your customers buying from you.

However, the latest trends in vendor relationships are for you to have more control, or at least balance, in this relationship. This is often referred to as “Vendor Relationship Management”.

The question then becomes how to effectively manage vendor relationships so that you and your customers get the most out of this partnership. Read on to learn a few practical steps you can start taking today.