Should Providers Become Long-Term Partners?
Business partners and business suppliers/providers have many common traits. When a company enters a relationship with a partner or provider, the long-term goal is to work together for as long as possible. Additionally, both the partner and the supplier have an understanding of the company’s industry sector and challenges. So, in light of commonalities, building a supplier/provider relationship as a business partnership would make sense. Ultimately, a partner is a reliable business entity that can participate in the build of future projects.
However, you may want to consider a few things before changing your relationship with your supplier.
The breach of trust
The partnership doesn’t always happen, as BrandTotal discovered when their client, Facebook, changed their mind about becoming partners and chose to fill a lawsuit for privacy reasons. It is hard to tell exactly what happened between the two companies. However, many suspect that Facebook tried to remove the competition via a lawsuit. Unfortunately, some brands can be ruthless to protect their market. When market interests weigh more in the grand scheme of things than the potential of the partnership, businesses will not hesitate to involve the court to gain a competitive advantage.
Clarifying your small partnership
A closer bond between buyers and suppliers can significantly benefit both partners. Supply chains use the bond to build resilience, while companies can enhance performance as a result. When the partnership is successful, suppliers and businesses can work together to innovate their processes and tackle the challenges inherent to the specific industry. However, the partnership needs to define common grounds, such as time and management effort, ensuring both parties can have a beneficial cross-functional involvement.
Learning to know each other
There is no collaboration without teamwork. Team bonding exercises are a vital element of a positive and healthy partnership. For partners who might share a common long-term goal but come from different perspectives and backgrounds, organizing events where people can get to know each other can build trust and engagement in the partnership. Ultimately, nothing says bonding quite like a bit of a boozy night to help people loosen up or launching a talent show between the two partner companies.
What is a partner?
Perhaps, it is important to get to the core of the partnership. The romantic world describes the ideal partner as someone who can see past your previous mistake to consider your value in the present time. A partner appreciates that the relationship requires an effort from both sides; they know one has to give to be able to take. But they also understand the importance of time alone where each individual can focus on their own interests. Bringing communication at the heart of the relationship, the ideal partners value transparent, open, and honest communication. IN many ways, relationship advisors have nailed the definition of what a real partner is. While you may not plan to get married to your supplier, it makes no doubt that some of the traits described by psychologists for a healthy relationship also apply to business partnerships.
In conclusion, building a partner bond with a supplier or a provider can give both your business and theirs a competitive edge. However, like all partnerships, it requires effort, dedication, and a common ground to make it work and avoid sour surprises.