Even if you don’t directly work with vendors or outside agencies as part of your current role, chances are you’ll come into contact with them at some point in your career. Use these 5 vendor management best-practices to create a mutually beneficial relationship that will advance your organization’s goals.
Many organizations utilize vendors to take on specific projects, or on an ongoing basis, because they don’t have the time, resources, or expertise in-house. Vendors offer organizations a wide variety of services depending on their specific industry. These outside companies can be contracted for almost anything from consulting and sales, to technology solutions and supplies.
As vendors take on more and more clients, it can be hard to feel like you’re more than just a number. Similarly, as organizations take on vendors, the vendor needs the attention of the organization to deliver on the outcomes in the contract. Make sure both parties are successful with these 5 tips for managing vendor relationships.
#1: Build and maintain the relationship.
When you start working with a new vendor it’s important to build a relationship with your point of contact and open the lines of communication. Getting to know each other, including understanding each other’s needs, expectations, preferred method of communication and best times to meet, will save you hours of lost time and aggravation in the future.
If you’re managing a lot of vendors, take notes so that you’ll have something to reference at your next meeting. Mentioning a recent trip they took, or an event that happened in their life will further your relationship by showing your investment. Having this human connection with a vendor could be quite valuable if you ever need a quick turnaround on a project or a special request.
Key Takeaways:
- Build a good rapport
- Get to know one another
- Remember to be human
- Establish expectations internally and with the vendor
- Decide who is responsible for what (e.g. meeting agendas, task management, timelines)
- Check in regularly to confirm expectations and desires are being met
- Collaborate on strategy development and optimization
- Make sure you’re included on new offering and capability announcements
- Be prepared with new opportunities or unique ideas
- Check in regularly
- Don’t be afraid to say “no”
- Hold them to the same standards you’d expect within your organization
- Limit access to sensitive internal materials