Build Vendor Partnerships

partnershipsWhen in business, you are crunched for time more than for money.
There are tons of tasks to be done all along the value stream.
To take the help of other service providers aka vendors makes complete sense. Understanding this takes a long time for a lot of businesses.

Concentrate on building value for your product, and buy or outsource the rest, within your best means – Josh Pigford

Even after businesses decide to take professional help, they do not necessarily do a great job at maintaining the vendor relationships.

Why is it important

  1. So that you can count on them to perform consistently
  2. You keep your time and effort focused on core value delivery

Psychology helps in

  1. Figuring the parts in your value stream that can be safely outsourced
  2. Articulating your business and telling your story
  3. Understanding what motivates vendors
  4. Managing expectations and making a win-win plan
  5. Regularly following up with them

Happy vendors are willing and likely to do great work for you.
They go beyond contracts and make sure your business does great.