Partner With Your Vendors

A few years ago, vendor “partnerships” were all the buzz. Then confusion about the lingo developed, and corporate attorneys grew concerned about the inference of equity from the word. As a result, usage died down. But the spirit of the term should be alive and well in your company.

The days of keeping all your information close to the vest and trying to extract every cent out of a vendor contract without regard to a long-term relationship should be long gone. Instead, foster a spirit of cooperation and mutual success, because if both parties aren’t making money, the relationship soon will be over.