Vendor relationships 101

When hiring new team members, those that work hard to establish a healthy company culture, like ServiceMaster by Stratos, take the process very seriously. Before Stratos brings someone on board, we have to identify whether or not he or she will be a good culture fit. A person who will grow personally and professionally during their time with us is an ideal candidate. The vendor relationships Stratos engages in are approached in a similar manner. In our 40 years of business, the tidbits below have helped us identify valuable vendor relationships and know when to exit those that were not driving value.

Hire slow, fire fast.
Just like your hiring of employees, we recommend you enter into vendor relationships slowly and cut ties quickly to minimize damage should things go south or stale. Before signing on the dotted line, take time to ensure your vendor’s company culture aligns with your own. If it does, a long-term, mutually beneficial relationship will naturally form between the two parties. If it does not, stress most likely will ensue should you move forward with that relationship. Do your due diligence when seeking outside services by considering several options.

Price isn’t everything.
In my eyes, the “right fit” trumps price every time. If you gather quotes for a service and the best culture fit is not the most affordable option, that’s OK in most cases. Crunch the numbers to ensure it is within budget, of course, but do not sacrifice finding a trusted vendor for the sake of saving a little money. At the end of the day, the difference is not likely to break the bank and should prove to add more value. Trust your gut and move forward with the vendor you feel you can afford and one that will be a long-term partner you can trust. 

Deepen trust.
Speaking of trust… When you invest in the right vendors, you are able to build relationships and establish a  high level of trust. After that trust is established, you don’t have to worry about whether or not they have your best interest at heart. The vendor knows your business well, so you can have confidence that they will provide wise counsel and steer you in the right direction as it relates to the service they are providing.

The longer the relationship, the deeper the trust and the growth for your business and that of the vendor. Take time to evaluate your current vendor roster in 2020. Are you surrounding yourself with vendors you have a deep mutual respect for that you would call business partners?