Buying a business - how to keep existing suppliers?

Re: Buying a business - how to keep existing suppliers?

Complete data collection and review of existing learning supplier base. This helps you establish the baseline for further analysis. This could be a very tedious process and some form of automation helps tremendously.

Regards,

Finding a reliable and competitively-priced supplier is vital to the success of any business.

The terms that you negotiate with your supplier need to be based on:

• the way that you pay them – bank draft, commercial bill paid for by bank, foreign currency
• potential costs - administration, taxation, transport, general payments and transactions
• possible risks - late payment to supplier, or faulty, late or undelivered goods

The air compressor industry like screw air compressor is the most significant to solve this industrial demand. Zentech System took advantage & simplify these processes and has emerged as a major air compressor supplier in Kolkata, India.

Having great suppliers as part of your business improves both your service to your customers as well as your efficiency.

A good relationship with a supplier can also provide you with a much-needed business supporter who can provide a fresh perspective and encourage business to come your way.

After all, if your business is growing, so will your suppliers’ business.

To maintain a great supplier relationship, you have to approach it in the right way.

Consider some of the following when working with your suppliers to build good relationships:

• Meet your contacts face-to-face and see how their business operates. Understanding how your supplier works gives you a better sense of how it can benefit your business.
• Meet the people who'll be managing your account and make sure they can be easily contacted.
• Ask about their plans for development or expansion. Will this affect the goods or services they're providing to you?
• Help your suppliers by placing orders in good time, being clear about deadlines and paying on time. See the page in this guide on how you can help your key suppliers.
• Keep an eye open for any opportunities you can pass their way -in a good customer-supplier relationship they'll do the same for you.
• Make your business important to your suppliers and they will work harder for you. Some suppliers may offer better deals if you promise to use them exclusively.

Finding a reliable and competitive supplier is essential to the success of any business.

Having great suppliers as part of your business improves both your service to your customers as well as your efficiency.

To maintain a great supplier relationship, you have to approach the following manner -

• Choose suppliers that align with your values
• Understand your suppliers’ needs
• Be a great customer 
• Maintain regular communication 
• Give timely feedback
• Reward good service with loyalty

The wire & Cable industry like copper wire is the most significant to solve this industrial demand. Vidya Wire took 

advantage & simplify these processes and has emerged as a major copper wire supplier in India.

Learn how to establish a solid relationship with your suppliers through good negotiation, collaboration and management.