Posted by: broshe on Mar 16, 2012
Vendors, just like businesses, can feel the effects of a recession. Unfortunately, vendors try to offset slowing sales by raising prices. This can create a vicious circle since sellers will quickly search for other vendors or stop buying as much when the prices are raised. Eventually, the relationship between seller and vendor can quickly break down.
When you have a solid set of vendors who provide you with the products you most need, then you do not want to lose the relationship you have with them. You will need to take steps to nurture the professional relationship when a recession hits.
The first thing you will need to do is recognize that your vendor is having a hard time too. Often, small business owners become angry with their vendors, feeling that the companies raised prices out of greed during the worst time for the small business. Remember that your vendors are trying to stay afloat too. Keeping in mind that it is not about greed, it is about getting by. This will help you to be more patient with your vendors.
Next, draw upon the relationship you have. Many vendors will work with their customers when those customers have been in good standing with them. Do not be afraid to talk with your representative about alternative options or ways to obtain discounts. Give the vendor a chance, and you may be surprised with the results.
If all else fails, shop around for a new vendor. Save this as a last resort, though since all the vendors will be dealing with the effects of the recession. Try not to switch vendors, because building a company and vendor relationship is vital to the long-term health of the business. If you have to, look for vendors who have a good reputation.
Your professional relationship with a vendor can survive the recession. The key is to understand that the vendor is doing the best they can. In addition, remember that you can work with your vendor, and it does not hurt to inquire about the possibilities.