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5 Purchasing Best Practices: Tips for Making the Most of Your Buyer/Vendor Relationship.

Finding the right vendor for your supplies can yield more than on-time delivery of goods. Partnering with a great vendor can give you reliable service, insight into the latest competition, and even the opportunity to identify and influence new products. Use these 5 purchasing best practices when dealing with your vendors to get quality service and goods.

1. Identify the qualities of a good vendor.

Your business needs quality goods to gain a quality reputation. Therefore, getting a vendor that offers quality for a reasonable price is key to building your company up, both in inventory and reputation.

2. Build a relationship with your vendor.

Be loyal to your vendor. Knowing the benefits of working with your vendor will help your business get a leg up against the competition. Ask your vendor what deals they can offer loyal customers. Are there extra financing options for established customers? Can your reviews of a product affect the next iteration of a design?

3. Reduce the number of vendors you purchase from.

It is more cost-effective for buyers to have fewer vendors. Fewer vendors means cutting down administrative costs, and goods shipped through one vendor are packaged and ship together. Supplies arriving on time as a single unit are easier to inventory than supplies that trickle in from many different suppliers. This makes your business more efficient and raises your business reputation for quality and consistency.

4. Explore new products from your vendor.

New products come to vendors at least every year. Be transparent with your vendor on your company's goals and priorities. They can help you find new products that will increase your company's productivity and reputation. It is always better to be ahead of the curve when it comes to efficient business operations.

5. Review products.

Along with improving the buyer/vendor relationship that is so important, reviews give valuable feedback to help the vendor improve services, and may lead to the vendor designing future products based on your experience.

To learn how The Razor Blade Company is the right supplier of wholesale industrial blades for your business needs, contact us today.