It does not matter in which sector your company operates: the quality of the product or service depends on various factors, from human resources to final logistics. In this process, paying suppliers plays a fundamental role, since it enables the good relationship that directly influences the result. This situation also occurs in the global gambling industry where online casinos pay their winners on time. You can learn more here.
A good supplier is essential to success, as well as cultivating a good relationship with these people. We selected some tips to help you in this task and beat the competition.
Why is it important to Pay on Time?
A good relationship, which includes paying suppliers on a timely basis, became fundamental to the company’s success. This is what Aaron Schwartz, leader of Modify Watches, defends in an interview for the American portal Inc. “Discover how you can help your suppliers, make their lives easier, either by improving their conditions, saving time or money,” he explains.
A friendly relationship, not just a commercial one, creates a bond of mutual compensation: on the one hand, the supplier can win large contracts and use the friendship to improve the product; that is, the client manages to maintain a competitive advantage, whether in price, quality, product design or the technology used.
As if this were not enough, a good relationship also brings a positive impact on the company’s cash flow. By negotiating terms (collections or payment to suppliers), it is possible to reduce the time between the sale of products and payment.
Work on Mutual Trust with Suppliers
The secret to maintaining a good relationship is to establish bonds of trust. For that, it is necessary to pay attention to some factors:
Communication
Allow the supplier to know in detail your way of working, in order to find solutions that guarantee advantages for the operation of the company. Be clear and specific with your demands: to gain trust, you need to be transparent and honest.
Recognition
If the orders are growing and correspond to the expectations, it is pleasing to praise and recognize the good service. In addition to consolidating a great relationship, this practice can improve, potentiating future alliances.
Negotiation
To pay suppliers, it is essential to know how they work and, thus, understand your requirements and be able to negotiate terms and forms of payment that benefit both parties. Always listen and try to give in, this may be the best alternative to guarantee a quality service.
Payment Per Day
Perhaps there is no better way to ensure a good relationship than paying suppliers up to date and with the established conditions. When both parties fulfill the obligations, the results tend to be positive.
It is worth remembering that it is useless to maintain a good relationship with bad suppliers: avoid harmful contracts, know in advance the people you will hire, talk to old clients and analyze the reputation.
