Add another layer to your #Business literacy. We at Serebral360° would love to know if the Forbes – Entrepreneurs article was helpful, leave a comment, like and share. Let’s dive in and discuss the information and put it to use to grow your business. #BusinessStrategy #ContentMarketing #WebDevelopment #BrandStrategy
Info@serebral360.com 762.333.1807 www.serebral360.com
Grap a copy of our NEW Business Stratgety Books #FFSS VOL1 and #FFSS VOL2
Small business owners in any city tend to form a tight-knit community and partner with each other to help both parties grow. This is especially true in New York, where there’s no shortage of entrepreneurs offering B2B services.
As with any business partnership, it’s important to thoroughly vet a potential vendor to ensure the arrangement will be mutually beneficial. We asked a panel of Forbes New York Business Council members what questions you should ask a vendor before partnering with them. Their best answers are below.
1. How Can We Help Each Other?
You must remember your vendors are small businesses as well. So, when negotiating with them, you have to take into account their needs — they want your business just as bad as you want their dependability. Important vendor questions would revolve around the timeline, discounts for advance paying and bulk orders. – James Giacopelli, Giac Capital, Inc & Giacopelli Accounting and Tax Services, LLC
2. Can I Speak To Some References?
One of the important criteria I examine when selecting vendors is whether they can provide references from current clients, as well as speaking with past clients whom they do not explicitly provide as a reference. Reputation tends to precede every business, and if current and previous clients/customers can attest to their positive experiences, then the trust factor multiplies exponentially. – Phillip Alexeev, Sketchfab Inc.
3. How Do You Address Customer Dissatisfaction?
Sometimes, in spite of best efforts, circumstances arise that create a client experience that is less than optimal. It is important to know in advance how other service providers approach customer satisfaction. Understand the lengths to which they will go to stand behind their deliverables in a manner that shows accountability and a willingness to promptly and appropriately address the mishap. – Denise Caron-Quinn, In Order to Succeed®
4. Can We Do A Trial Project Together?
There is no single question to ask, but it must be mutually beneficial. They need to have the flexibility to work on initial volume, patience for constant changes and reasonable speed and payment terms. The vendor can be large or small, based on your industry. Do a trial project to find out. Make sure they are clear on what you want to achieve. Some promise the world but underdeliver. Stay agile. – Ching Au, Durabrite Lighting Solutions
5. Who Will My Main Point Of Contact Be?
When working with a new vendor, the point of contact is very important to me. You could be working with a great company, but if the person you’re communicating with isn’t a good fit for you or your company, it might not be a good fit at all. It’s important to gauge what the extent of your experience will be. – Morris Levy, The Yard
6. Do You Go Above And Beyond For Your Clients?
I’d ask if they’d bend the rules. Finding vendors through recommendations has been the most rewarding thing for me. But if I’m vetting vendors myself, I’m looking for people who are able to show up when they say they will and go above and beyond when you’re in a pinch — that’s what it’s all about. I think circumstantial flexibility is a must for me, and it’s served my businesses well. – Hoda Mahmoodzadegan, F’in Delicious Beverages
7. Do We Have Common Goals?
You have to determine if you have common goals. If the goals are common between our business and the potential vendor, expectations are clearer, and the motivation is usually there for each party to put forth their best efforts. So, in this case, the most important question would be the one that leads you to conclude that common goals are shared between your business and the vendor. – Samuel Mikail, SM Group Holdings Corporation
January 30, 2019 at 09:17AM
Forbes – Entrepreneurs