New Year Reflections
The start of a new year is often the time we spend reflecting briefly on the past year and refocusing our efforts on exciting new initiatives for the coming year. Our efforts naturally gravitate toward our own internal team and needs: business plans, program launch followup, component sourcing, etc. Unfortunately this renewed focus at the start of the year often causes us to simply dive right back in to business. We often forget to thank those that were so vital to our success over the previous year. During the holiday, we fortunately find time to thank our colleagues but we rarely thank our suppliers that contributed so much to our success. Showing your suppliers gratitude is the first step to building supplier relationships.
Considering the high cost of goods sold percentage suppliers account for in typical product companies within the automotive, consumer products and medical device industries, it seems natural that suppliers should be at the top of our yearly thank-you list. After all, it is often your suppliers that provide your company with new technologies and capabilities that allow your company to compete and differentiate itself from the competition. Further, it was likely your suppliers that “had your back” and bailed out your company when needed. Which allowed you to fulfill that large end customer order by expediting raw materials.
Building Supplier Relationships
At IndustryStar we continue to invest a lot of time to take this supplier partner concept one step further to build long term partnerships with our suppliers. These strategic supplier relationships are built on years of collaboration that often start with a simple thank you now and then. It is admittedly hard work with the many pulls on company resources but investing in our supplier relationships is a strategy that has paid big dividends for us. As you dive in to 2015; scheduling meetings and checking off to do items, take a moment to step back, pick up the phone and thank those that contribute so much to your business, your suppliers.