Successful small businesses thrive on relationships, but when we think about this truism, the natural impulse is to immediately think of the customer relationship. It’s understandable, of course, as no business — big or small — could ever survive without its customers, but today we’re going to talk about another relationship vital to small businesses, the relationship each business has with its vendors. This relationship is no less important, as the right vendors can help a small business separate itself from the pack and grow and thrive in every relationship going forward.
When you’re looking for the perfect vendors to partner with your small business, here are a couple of things to keep in mind.
First things first: Price is not always the most important thing to think about when looking for a vendor. However, we list it first because it’s the first thing many small business owners think. The prices you’ll pay are important in any vendor relationship, but you must compare them to the other benefits you’ll receive from the vendor. It also bears mentioning that price is something that should be respected on both sides. Don’t haggle over every single statement and pay your bills on time. Be a good client, and your vendors will be better to you. And don't forget- your custom flat rate is all-inclusive so no need to haggle pricing on your merchant services! Learn more about how we build a custom flat rate here.
This is perhaps the most important. You want a vendor that knows not only their own business but yours as well. This is especially true if you are just setting out in the market. Your vendors have the potential to be a valuable resource to guide you in best practices in the industry. Also, you want vendors committed to what you do, and vendors with a long track record have proven they know how to survive and thrive in this market. Learn about our experience in helping software vendors with custom payments integrations, like Stripe but better, now!
No matter what industry your business operates in, you are always subject to the latest technological innovations, and many of these innovations are found through your vendors. Whether it’s solutions that help you bring new products to market, upgrade your cyber security or manage your business credit, seeking out vendors at the forefront of innovation will only help your business in the future. Check out the latest cutting-edge technology for payments integrations for software vendors at Payfac in a Box.com.
Location and logistics
This one falls lower on the list because its value depends in part on the nature of your business and what you are asking the vendor to do. If you are looking for a vendor to supply you with goods — especially nonperishable goods — then logistics become incredibly important. Vendors near your business could offer lower fees based on reduced transportation costs and should be able to deliver product to you more quickly. In addition, a vendor closer to you makes it easier to have in-person meetings and build the relationships that will benefit both of your companies in the years ahead.