3 Tips for Building and Maintaining Solid B2B Relationshipssubmitted on 27 October 2019
There are few, if any, businesses on earth that could exist in a vacuum! Whether it’s a one-man, work-at-home, sole proprietorship or an artisan who handcrafts pottery, each relies on other businesses in one way or another. The artisan relies on clay and assorted materials and equipment from suppliers while the sole proprietor relies on marketing to reach potential buyers. This is where B2B relationships are so vitally important. Unless you build and maintain solid relationships with others in your field or a related industry, you will quickly learn that you have made a costly mistake. Here are a few tips on building those relationships that can make or break your business.
1. Seek Businesses with Something to Gain
Whether you are looking for a supplier, a distributor or anything in between, the first thing that will help you build B2B relationships is identifying those that have something to gain from working with you. Those suppliers will obviously understand the benefits of having new customers, but what about distributors, retailers and wholesalers? Here is where you would draw heavily on marketing so that the advantages of your product line or services can be highlighted. You want them to see dollar signs when they imagine carrying your products, and that will be the first step in building solid relationships.
2. Keep the Channels of Communication Open
Making B2B relationships is actually the easy part. However, once you’ve begun working with or for someone, it’s imperative to keep the proverbial love alive. This would always entail keeping the lines of communication open. Let’s say you are a supplier of raw materials used in manufacturing. A key customer needs a huge shipment but have questions about the products you have in your catalogue. If they can’t reach you quickly, they may move on to another supplier who has the courtesy to communicate quickly with answers to their queries.
3. Pay Invoices Timely
You know what it’s like when you are unable to collect on invoices. Sometimes, this presents such an issue with operating capital that you have to resort to small business loans such as invoice factoring. It’s a real pain and something other businesses dread as well. If you want to maintain a solid B2B relationship with suppliers, it is imperative that you are timely with paying invoices. Sometimes, it isn’t a matter of not having the funds but not having the time to sort through everything that needs paying on any given day or week. Have you considered the benefits of exploring accounts payable automation? This is a solution that, once set up, can work seamlessly in the background while you go about your daily tasks. It’s amazing how effective this time-saving feature really is!
There are many ways to build B2B relationships, but keeping them alive is another matter altogether. These tips should set you on the right path to building and maintaining solid B2B relationships that will benefit both parties involved. It’s a win-win situation when you get it right.
|
