Sure, you partner with suppliers. Doesn’t everybody? But you might be surprised — there’s not as much partnering going on as you might think.

There are four ways you can turn this into a real “you-scratch-my-back-and-I’ll-scratch-yours” relationship, not just a paper partnership.

• Put in a good word. Suppliers have competition just like you do. Want to help give them an edge? Offer a customer testimonial they can use as a reference or in marketing materials.
• Fewer bells and whistles. Maybe, once upon a time, you required specialized, customized treatment from your suppliers. Is it still a valid need? There might have been changes on your end — or with your customers — that could reduce suppliers’ hands-on time.
• The check is (really) in the mail. Everyone benefits from smoother cash flow — suppliers, too. Are there any potholes that delay payment to your suppliers? What can you do to reduce the time between invoice, accounts payable, and your supplier’s A/R department.
• Think big picture. Are there suppliers you should consider locking down into a multi-year deal? This pays off for suppliers, too, with the prospect of guaranteed future income.

Tags: A/R, customer, invoice, supplier