I came across a great article today via HBR about the vendor-customer dynamic and how, unfortunately, vendors take an unnecessary beating from their customers in the name of “good business”. All to often, I think people tend to forget that business is done between people – not machines, not companies… but PEOPLE! Therefore, if you want to get the best out of people, you need to start by putting the best into people – and you do that by exercising the Golden Rule (treat others as you would like to be treated).
Remember, in today’s globally competitive business environment, having strong ties to your vendors can yield tremendous insight, which could allow you to make better decisions. Your vendors have relationships with your competitors and have powerful insights on how the market is moving along. In addition, vendors can provide you with financing (e.g. net terms) that allow you to manage your cash flow more effectively. So, why would you want to treat someone who can help you, badly?
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