Vendors are critical to your business’s success. You rely on vendors for supplies, tech products, and to keep you relevant in an ever-changing market, but if your vendors are leaving there is a reason why. Don’t overlook your vendors, and if you are, let’s hope it’s not too late to mend the crucial relationship. Know the signs of a stressed relationship. Here are the signs your vendors are leaving:
1. Orders have stalled
One of the biggest red flags that your vendors are switching is obvious – the order frequency and amount has changed drastically. It’s not you; it’s them, right? Not quite. In some case, yes. But if you notice patterns cycle after cycle, or you are noticing it with more than one vendor, it might be you. Actually, it may be your management system. Vendors need to know that your system can personnel can accommodate their demands and inventory cycles. If not, they will find a more organized company that can.
2. Payments take longer
If you are taking more time paying invoices on time and sending invoices out, your vendor suffers, too. Mismanagement and financial chaos does not leave vendors feeling confident in current and future transactions. If your system is not equipped to handle day-to-day billing and payments, it directly affects the entities with that you conduct business.
Often times when vendor-client relationships fail, it is a communication issue. Verbal and digital communication both carry equal weight. If either begin to break down, turn to your company’s communication and management system – your ERP.
Talk to NSA about your ERP system and how it can transform your existing, and even build new, vendor-client relationships.
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