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    California Business Journal
    • Front Page
    • Business
      • Insurance
      • Real Estate
    • Finance
      bitcoin of america

      The power of Bitcoin of America intensifies

      venture-capital-investment

      Silicon Valley and Tel Aviv Firm NextLeap Ventures Rising To The Next Level

      stock-market-3

      How the Inflow of Retail Traders is Changing Stock Market Dynamics

      Bitcoin

      Big Changes May Be Coming For Cryptocurrency

    • People
    • Featured
      Dr. Chris Harts4

      Oventus Medical Is Revolutionizing the Treatment of Sleep Apnea

      blockchain2

      Blockchain.com Value Reaches $5.2 Billion

      bitcoin of america

      The power of Bitcoin of America intensifies

      alone at beach

      One Fine Outlook

      Graham-Michael-Byers No. 4

      The Prince of Puerto Rico

    • Technology
      Higher Education Adapts to Covid Using IT

      How Higher Education Has Adapted to Covid-19 Using IT Tools

      NEC X Figure 3_Shige Ihara

      Fast Tracking Technologies … To The World

      Welcome to the construction industry’s automated augment

      Tech Future Healthcare1

      Technology and the Future of Health Care

    • Law
      Doctor getting second opinion on patients x-ray

      What To Do If You’ve Received Improper Medical Treatment

      Mediation-For-Couples (1)

      What is Mediation and How It Can Help?

      What are the legal obligations of businesses and what happens when these duties are breached?

      Nicole Kuklok-Waldman Headshot

      Commentary: How to Bounce Back from a Canceled Career 

    • News
      blockchain2

      Blockchain.com Value Reaches $5.2 Billion

      Negative Google reviews1

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      SleepScore Labs

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      Passports on a map of the world

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    • Human Interest
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      The Importance of a Solid Brand Name

      The Importance of a Solid Brand Name

      Charles Smith

      Commentary: Executive Team Alignment is More Essential Now Than Ever

      payroll expenditure or revenue

      How Can a Business Carry Out Payroll Effectively?

      Jean-Paul Gravel, founder of ThroughConversation3

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    • Health & Fitness
      Woman climber on a Klettersteig (Via Ferrata)

      6 Unique Ways to Stay Fit Outdoors This Summer

      WOMAN WORKING OUT

      Taking the Gym Home: Hot Selling Items During the Pandemic

      silhouette-of-man-and-woman-running

      3 Reasons to Start Working Out … This Month

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      California Business Journal

      Why Vendor Relationships is Key for Good Business

      No matter how big or small, all businesses need vendor management to succeed. Vendor managers can help you build more beneficial relationships with suppliers.

      by California Business Journal Editorial Staff
      A A
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      Worker with scanner making review of goods in warehouse

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      You can’t do everything alone. It’s true in life and true in business: vendor relationships are key to succeed in good business.

      Maybe you’re confused about where to start with building vendor relationships or maintaining a client and vendor relationship. Maybe you’re still convinced you can do this all on your own or with only your company.

      However, vendors can provide so much to you, like different goods or services. Taking advantage of the chance to collaborate and work with vendors is the right way to go.

      Here are a few reasons why vendor relationships are so important.

      It Helps in the Long Run

      Fostering good vendor relationships now will bring you better business later. Having good vendor relationships opens the door for more to come.

      It is more useful to develop good vendor relationships for the long run than a project-by-project basis. Once you develop a good rapport with another company, they are likely to recommend you or your company’s services and turn to you to help them as well.

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      It’s not just creating relationships either: building vendor relationships takes time and cannot be rushed. Share information with them and allow them to offer their suggestions for business strategies.

      Not sure about how to move along with one project or process? Building vendor relationships means having a reciprocal relationship that lasts longer than the needs of a project. Otherwise, if you’re frequently changing vendors, your business quality will be affected in the long run.

      That’s Right: Mutual Benefits

      Great vendor relationships aren’t just good for you. It is also beneficial to the vendor.

      Once you’re working together, it is important to sit down, discuss a breakdown of specific roles and tasks for each party, and create a project team focused on collaboration between your company and the vendor. Sticking to schedules and deadlines will also help keep you, your company, and the vendor accountable and responsible.

      Different vendors can also offer you their expertise in various areas. This can be beneficial help to you, and in turn, you can offer your expertise as well. Sharing skills can only be beneficial to both of you.

      Communication is Best

      It’s true: communication is the most important key in vendor relationship management. Make sure to take time to keep in regular contact with your vendors.

      Phone calls are great for this because they add a personal touch. If you take the time to make regular phone calls to extend good will to your vendors and ask about their needs, they will respond positively to that.

      Need More Vendor Relationships Information?

      If you’re unsure of the next step in client and vendor relationships, follow this link to take a look at a great vendor management service.

      Vendor relationship management is not going away. That’s why Harvard University’s Berkman Klein Center has ProjectVRM, dedicated to research and development in the vendor relationships market.

      Remember: your vendors picked to have an agreement with you. They put their trust in you, and by doing the same for them you’ll keep building vendor relationships that last.

      Tags: developmentHarvardinformationrelationshipsskillstrustvendor relationshipsWhy Vendor Relationships is Key for Good Business
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      California Business Journal Editorial Staff

      California Business Journal Editorial Staff

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      Latest Articles

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        California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
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