Working With Suppliers Part 4
In this five-part article, we are focusing on creating a positive relationship between the contractor and the supplier. In the first, second, and third sections, we educated you on the foundation of this partnership, how to find the right supplier for your building needs, and on the art of negotiating material prices with the supplier. In this section, we will delve a little deeper into how to more closely analyze the relationship between the contractor and supplier. In the final section, we will conclude our series.
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Crunch the Numbers
In a perfect world, we could trust everything we were told. However, this is simply not the case. Doing your due diligence and setting up a system that can track the supplier’s performance can greatly contribute to deciding whether or not to continue working with that supplier. Keeping detailed notes and breaking down the numbers pertaining to several key factors like the supply costs, if the delivery was timely, among other business needs, will help the contractor evaluate whether or not the supplier held up their end of the deal. More importantly, it may also determine if that supplier is being honest with you about their performance and whether or not they deserve your trust.
Timing is Always Critical
With projects having critical deadlines, it’s all in the timing. For contractors, they need suppliers to provide them with the resources they need to complete the job in a timely fashion. For suppliers, they need to be paid promptly in order to trust the contractor they are providing the material to. When it comes to meeting deadlines, the logic is pretty basic for both the contractor and the supplier. Paying and delivering in a timely fashion means that both parties are responsible and trustworthy. As they say, “actions speak louder than words” and delivering on promises is a key component to building trust.
Anticipate Your Purchasing Needs
If you desire to work with reliable professionals, you must be reliable yourself. Providing the supplier with ample time to resolve your purchasing needs and updating them on any changes will be appreciated and in many cases returned by the supplier. The contractor can also learn more about the supplier’s production process and business needs by keeping in close communication. This extra insight into their business can be extremely valuable as it can be relayed to your own clients.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.