Customers: Do you struggle to clearly communicate your needs to vendors? Vendors: Do you find yourself on the sixth iteration of a project that seemed simple at the start? Effective communication is a two-way street. Whether you're a client seeking the right vendor or a vendor delivering on a project, clear communication is essential. Clients need to articulate their needs and expectations, while vendors must actively listen and respond accordingly. A straightforward approach can help both parties align better: Mandatory Requirements: What must the solution accomplish? If it doesn’t meet these criteria, it’s a dealbreaker. Preferred Requirements: What would be nice to have? These are features you’d appreciate but can live without, or find a workaround for. Optional/Not Needed: Everything else. For clients, write down these requirements and review them regularly. For vendors, check off these requirements as you meet them. If, after meeting the original objectives, additional features are requested, it’s important to acknowledge that scope creep may occur—and this often requires additional budget or time. Consider this perspective: Would you rather hear from a client, "Well, we thought it was going to do X," or "Thank you for meeting all the requirements. After further consideration, we’d like to explore making feature Y a mandatory objective. Can this be accommodated within our current budget?" Remember, 95% of people are doing their best to satisfy their clients while maintaining fair compensation. Overcommunication is always better than undercommunication. Hyper-organization is better than chaos. It’s easier to dial back from overcommunication and hyper-organization than to piece things together when issues arise without clear records. Start strong and find the right balance as you go.
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Fractional Chief Automation Officer (fCAO) | Digital Transformation Consultant | CPA | Geneva Investor Accounting SME | Private Equity/Hedge Fund Automation |
Had this recently: Client: "We want to use X data to do Y." Me: "Here you go." Two weeks later: Client: "Well, we actually want to be able to modify parts G and F." Me: "So, what if I build all the possible modification options in this medium, so you can use X to do Y while modifying G and F and several options that may come up in the future?" Client: "Yeah, that's great!" Six weeks later: Me: "Here you go, as requested." Client: "Well, we actually want the original medium (that doesn't support the calculation), not the medium you used, and it's no longer just use X to do Y, it's use X to do Y with a completely different calculation than we originally told you. Oh, and add the ability to add on R as needed." Me: 👀
Customers: Do you struggle to clearly communicate your needs to vendors? Vendors: Do you find yourself on the sixth iteration of a project that seemed simple at the start? Effective communication is a two-way street. Whether you're a client seeking the right vendor or a vendor delivering on a project, clear communication is essential. Clients need to articulate their needs and expectations, while vendors must actively listen and respond accordingly. A straightforward approach can help both parties align better: Mandatory Requirements: What must the solution accomplish? If it doesn’t meet these criteria, it’s a dealbreaker. Preferred Requirements: What would be nice to have? These are features you’d appreciate but can live without, or find a workaround for. Optional/Not Needed: Everything else. For clients, write down these requirements and review them regularly. For vendors, check off these requirements as you meet them. If, after meeting the original objectives, additional features are requested, it’s important to acknowledge that scope creep may occur—and this often requires additional budget or time. Consider this perspective: Would you rather hear from a client, "Well, we thought it was going to do X," or "Thank you for meeting all the requirements. After further consideration, we’d like to explore making feature Y a mandatory objective. Can this be accommodated within our current budget?" Remember, 95% of people are doing their best to satisfy their clients while maintaining fair compensation. Overcommunication is always better than undercommunication. Hyper-organization is better than chaos. It’s easier to dial back from overcommunication and hyper-organization than to piece things together when issues arise without clear records. Start strong and find the right balance as you go.
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Vendors can make or break your business operations. How can you ensure a beneficial vendor and client relationship from the beginning? Check out these selection process questions: #Vendors #ComplianceManagement https://lnkd.in/gwHR9eg5
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Corporate Gifting Expert | Stockist & Distributor of Office Apparel (Shirts/T Shirts) & Gifts | Founder - Uthsmaya
Selecting the right corporate vendor is crucial for ensuring quality, reliability, and a positive business relationship. Here are some key steps to help you make the right choice: Define Your Needs 📋 Identify your specific requirements, including the type of products or services, budget, and delivery timelines. This clarity will help you narrow down potential vendors. Research and Shortlist 🔍 Look for vendors with a solid reputation in your industry. Read reviews, ask for recommendations, and check their online presence. Create a shortlist of potential vendors based on your findings. Evaluate Experience and Expertise 📈 Assess the vendor’s experience and expertise in providing the products or services you need. Look for case studies, client testimonials, and their history of handling similar projects. Check Quality and Reliability ✔️ Request samples or demos to evaluate the quality of their products or services. Ensure they have reliable delivery schedules and robust customer support. Compare Pricing and Value 💲 While cost is important, focus on the value provided. Compare quotes from different vendors, but also consider factors like quality, reliability, and additional services. Review Contract Terms 📝 Carefully review the contract terms, including payment schedules, delivery timelines, and any hidden fees. Ensure there is a clear understanding of the scope of work and responsibilities. Assess Communication and Customer Service 📞 Effective communication and responsive customer service are critical. Choose a vendor who is easy to communicate with and quick to address any concerns or issues. Look for Long-term Potential 🌱 Consider the potential for a long-term partnership. A vendor who understands your business and can grow with you over time can be a valuable asset. Choose a corporate vendor who meets your needs, aligns with your values, and contributes to your business success. #VendorSelection #BusinessGrowth #CorporateStrategy #ProfessionalDevelopment #BusinessTips
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#crowdsourcing What would you do if you learned you were only included as an extra vendor to satisfy the company's multi-vendor rule during a project bid, but they sort of already picked their winning vendor? For large project bids, it is resource-intensive for start-ups to meet all the by-the-book documentary and other petty requirements (document should be stapled on this angle only, etc.) and the timeline for the bid from the letter of intent to phase 1, 2, 3, etc. usually take months. After several iterations, you realize that this vendor (Vendor A) always knows what the Customer wants, even submitting requirements very early, knowing that the instructions are vague and need clarification. The Customer will respond to you and Vendor B after 3 or 4 follow-ups, but bulletins are provided when Vendor A asks a question. And the list goes on. Lastly, even the Customer's employees say it is an open secret that Vendor A is always preferred because of its after-sales perks and management relationship. Now, the Customer is asking for financial projections and more resource-intensive related work. Will you continue to participate or drop it?
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Our founding principles are based on the value of building relationships.
Why Building Relationships When Sourcing New Vendors is a Smart Strategy In today’s competitive marketplace, the importance of sourcing the right vendors cannot be overstated. Not only does it impact the quality of your products and services, but it also affects your company’s reputation, efficiency, and bottom line. However, beyond merely selecting vendors based on price and capabilities, smart businesses understand the significant value of building strong relationships with their vendors. Here’s why cultivating these relationships is crucial: 1. Improved Communication and Collaboration When you invest time and effort into building a relationship with your vendors, communication improves dramatically. This enhanced communication facilitates better collaboration, enabling both parties to discuss needs, expectations, and potential issues openly and honestly. Vendors who feel valued are more likely to go the extra mile to meet your expectations and work through challenges collaboratively. 2. Enhanced Reliability and Quality Strong relationships foster a commitment to quality and reliability. Vendors who have a personal stake in your business’s success are more likely to consistently deliver high-quality products and services. They understand your business needs and are more invested in helping you succeed, knowing that their success is tied to yours. 3. Increased Flexibility and Agility In a rapidly changing market, agility is key. A strong relationship with your vendors can lead to more flexibility in terms of order quantities, delivery schedules, and payment terms. Such flexibility can be crucial when you need to respond to sudden market changes or unexpected demand. 4. Access to Innovation and Expertise Vendors often have specialized knowledge and expertise that can be beneficial to your business. By building a solid relationship, you can tap into this reservoir of ideas, innovations, and solutions that might otherwise be inaccessible. This can lead to improvements in your own products and services, ultimately giving you a competitive edge in the market. 5. Long-Term Cost Savings While negotiating for the lowest price might save you money in the short term, long-term relationships with vendors often lead to more significant cost savings. Suppliers are more likely to offer discounts and better terms to loyal customers. Additionally, the cost of switching vendors—considering the time, effort, and risk involved—can be high. The Value of Vetting New Vendors While building relationships is crucial, the foundation of these relationships must be solid. This is where the vetting process comes into play. Properly vetting new vendors ensures that you engage with companies that are not only financially stable and capable of meeting your needs but also share your values and standards for quality and service.
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Discover best practices for #supplieridentification and management, ensuring successful partnerships that align with your business goals. Learn how EDS International can support your vendor #sourcing needs. https://lnkd.in/dFaE9hFp
Vendor Identification and Management Best Practices - EDS International
https://eds-international.com/blog
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🌟Association Chat: Crafting a winning RFP🌟 Myself and the rest of the sales team here at ToucanTech have been working on quite a few RFP's recently. We know putting together an RFP for a new software vendor can be tricky, but it really doesn't have to be! If you have been struggling to put one together, here are some quick tips to make the process smoother and attract the best vendors: 🎯 Be Clear About Your Goals: Clearly outline what you aim to achieve with this project. This helps potential vendors understand your vision and tailor their proposals accordingly. 📝 List Specific Needs: Clearly outline your requirements, timelines, and deliverables in an RFP Document. This can be an excel file or a table in a word document. ☝ Detail Evaluation Criteria: Tell vendors how you'll be judging their proposals. Outline the criteria and weightings you will use to ensure a fair and transparent selection process. 🗓 Set Realistic Deadlines: Give a clear timeline for the entire process, including when to submit questions, when to submit the proposal, and how long the evaluation period will be. 🙋♂️ Encourage Questions: Make it easy for vendors to ask questions and get quick answers. 💬 Provide Feedback: After selecting a vendor, give feedback to all participants. It helps them improve and shows you're considerate. Follow these tips to create a solid RFP and build strong vendor relationships. Good luck! #RFP #AssociationTips #VendorSelection #Procurement #AMS
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Vendor Relations In today’s competitive business environment, strong Vendor Relations are crucial for ensuring operational efficiency and long-term success. Vendor Relations refer to the ongoing management of relationships between a business and its suppliers or service providers. These relationships are essential for securing quality products, timely deliveries, and favorable terms. By prioritizing the relationship a company has with its vendors, the company can foster partnerships that contribute to growth, innovation, and a competitive edge in the market. https://lnkd.in/eyhXS_Ce #VendorRelations #BusinessGrowth #SupplyChain #Partnerships #VendorManagement #BusinessEnterprising
Vendor Relations
https://businessenterprising.com
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Founder - Pro Sulum - Inc 5000 Honoree | Helping Business Owners Scale their Time, Freedom, and Profit by Harnessing the Power of VSAs. | MORE IN ABOUT SECTION…
Vendor contracts. The two words that make most small business owners break out in a cold sweat. It's almost like a necessary evil, right? Some might even go as far as to say it’s a dance with the devil himself. But is it really that sinister? Nope. Creating a process for managing vendor contracts can transform that harrowing ordeal into a walk in the park. Here's how I decided to tackle this beast: 🛠 Build the Infrastructure One cannot sprint without learning to walk. Lay down the essential components: - **Templates:** Use standardized contract templates. They save time and reduce errors. That's not just efficiency; it's sanity. - **Database:** Create a system where you can store and access contracts and their details effortlessly. 🎯 The Review Process Establish a consistent review mechanism. Because who enjoys unpleasant surprises, right? - **Assign Responsibilities:** Determine who reviews what and when. And don't let it be the intern unless they’ve got the experience of a battlefield general. Otherwise, it's a recipe for disaster. - **Set Reminders:** Use calendar alerts. Because let’s be honest, nobody’s memory is that good. 💡 Automation Is Your Best Friend If it ain’t automating, it’s stagnating. - **Digital Management Tools:** Use platforms that integrate reminders, storage, and tracking. - **Regular Updates:** Keep pushing the automations to perfection. No masterpiece was ever made in a single draft. 📞 Communication Is King A clear line of communication with vendors mitigates risks and nurtures strong relationships. - **Transparent Discussions:** Be upfront with terms and conditions. Surprises might be fun for birthday parties, but not here. - **Feedback Loop:** Regularly touch base with vendors for evaluations. 🚀 Ready to Scale A process-driven contract management system paves the way for monumental growth. - **Scalability:** Future-proof your process so it grows with your business. - **Flexibility:** Adapt your system to new vendors and markets. Managing vendor contracts doesn't need to be a trial by fire. By setting up a solid structure, automating tasks, and maintaining clear communication, you make the contract process less of a tangled web and more of a streamlined jetplane on autopilot. And who doesn’t want a smoother ride in business? #ProcessImprovement #BusinessSystems #VendorManagement #Automation #SmallBusinessGrowth
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Vendor Relations In today’s competitive business environment, strong Vendor Relations are crucial for ensuring operational efficiency and long-term success. Vendor Relations refer to the ongoing management of relationships between a business and its suppliers or service providers. These relationships are essential for securing quality products, timely deliveries, and favorable terms. By prioritizing the relationship a company has with its vendors, the company can foster partnerships that contribute to growth, innovation, and a competitive edge in the market. https://lnkd.in/eKrmxqhx #VendorRelations #BusinessGrowth #SupplyChain #Partnerships #VendorManagement #BusinessEnterprising
Vendor Relations
https://businessenterprising.com