In the early days of your small business, you might find it easier and more profitable to do it all by yourself. As you get older, you may need help from a B2B vendor or partner to do things like accounting, shipping, manufacturing, and marketing.
But you cannot make a deal with the first provider you meet. After all, this business will play a role in your operation, and you should make sure that you can give it an asset that is as valuable as your business. Business News Daily has asked business leaders to find and maintain the best business-to-business partnerships.
Factors to consider
If you meet potential suppliers through your own research or by someone’s recommendation, you need to determine if the company is appropriate for your business. Our sources have suggested asking the salesman the following questions to better understand who you are going to work with:
What kind of experience do you have in your industry / specific sector?
Every prospective business partner you consider should have a good track record. Depending on the type of vendor you’re looking for, you need to know what they know about working with companies in your field, or how much they know about the specific tasks you need for them
Do you have a long-term B2B partnership, and if so, what is the average duration of the partnership?
Long-term relationships demonstrate a commitment to help business partners grow, not just engaging in transaction arrangements.
How big is your current customer workload?
A company with many partnerships at stake can have a more “transactional” focus. If you are looking for a partner to help complete your priority and urgent tasks, you can avoid connecting with vendors that juggle dozens of other customers.
What kinds of innovation, growth or improvements have you helped other business partners achieve?
Where possible, requesting specific instances or case studies from previous clients. This will help you see if the service actually acts as a partner and presents new ideas and ways of doing business, or if it only provides ready-made services.
Can you connect to one of your current or former customers as a referral?
Yes, you can read online testimonials and reviews, but there’s nothing like having a conversation with someone who’s been in your position with this company, you should learn as much as you can about the experiences of previous customers and seller customers.
Find a good B2B partner
Do you think you are ready to make a deal? Here are some additional tips for forging and maintaining a successful partnership.
Define and explain your own goals.
The first step in building all kinds of business partnerships clearly defines your goals. What do you want to achieve by joining this business, and will the partnership benefit both of you?
Often, partnerships fail because neither side clearly understands the other major goals, If you cannot clearly explain your purpose, how can you expect others to help you achieve it?
You need to determine what’s important to you before you start talking to suppliers, and really determine what they prioritize in terms of what they provide to customers.
Consider the other side
Although you need to find the best partner or supplier for your needs, this is not about you: every B2B transaction should benefit both parties in any way, especially for small business owners to take the time to understand the goals of other companies and how your proposal can help them.
It lets you approach them with a win-win solution, be prepared to explain your business model and purpose [as well], as it is often assumed that each party already knows more than they do on the other.
Talk to other small business owners.
If you participate in your first business partnership, you may not know all the ins and outs of working with other companies. Talking to other business owners in your industry who have managed to get B2B deals can help you navigate some of the most challenging situations that may arise.
The Internet has a lot of information you want, but the best research for a small business is putting your feet on the ground, talk to people who do what you do and start from there, as long as you are not a direct competitor, others will often help you.
Find the right balance between quality and price.
Small businesses often work on a limited budget and many expensive decisions. Although price is always a factor, in most cases you get what you pay for, so you should consider the overall value of the transaction for your business.
If it is an important element that you will outsource or [you want] to use a vendor to develop something that gives you a competitive edge, you cannot always have the cheapest vendor, If the role is less important, the price is more important: understand where your value is.
Continue to re-visit your supply chain.
Companies are not different entities, but complex ecosystems, which require strong leadership to keep all vectors in the same direction. Creating a harmonious environment that closely connects suppliers, manufacturers, operating plans, forecasts, logistics, and tastes can be done. However, organizations often overlook one of the biggest threats to success: quality.
Organizations need to have a quality overview across their supply chains and make the necessary adjustments to ensure quality does not interfere with their end-to-end supply chain. They should have open and honest conversations with their suppliers and marketing managers to use the data to maintain an objective dialogue about their quality performance, and the next step to be done to replicate the data, succeed or solve the problem.
Building relationships based on trust.
As with any type of partnership, trust is required in order for the B2B agreement to work. You should be able to trust the people who shook hands with you, and this only happens when you take the time to build a strong professional relationship. You need to believe in your partner and treat them like a partner