04 Strategies for Supplier Management

Learn about fantastic organizational strategies so you don't get lost in paperwork when it comes to paying your suppliers.

 

Do you have good supplier management? As the suppliers are responsible for offering products and services for your business, you must keep a good relationship with them.

Keep reading this article to learn about some organizational strategies that may help you keep your supplier's payments up to date!

Suppliers: What is the best cost-effectiveness?

You should research the best deals when choosing your suppliers. Price is not the only important thing, but also the reputation of the company you plan to hire. Therefore, look for reviews and possible complaints about the company on the internet.

After all, the customer's shopping experience will help add value to your brand, so your supplier must respect deadlines, as well as guarantee the quality of the products and inform you of all the stages of the purchasing process.

Organize a simple spreadsheet

Set up a basic information spreadsheet containing the names of all your suppliers, contact details, products offered, transaction history, and payment terms.

There is no need to prepare a spreadsheet full of formulas. Just open a new tab, insert the column headings for each category you have chosen, and fill in the necessary information.

Make a digital folder 

A good way to avoid losing your documents is to store them in digital folders. In other words, gather together all supplier contracts and agreements, purchase orders, invoices, payment vouchers, performance reports, and important correspondence.

If you want, save your spreadsheet file in this folder. This way, you will have all the information in one place, making it easier to organize.

You can store your digital folders in your computer's File Explorer or on specific platforms such as Notion - a versatile and multifunctional application.

Pay attention to the paymants dates!

Be careful and use these strategies to keep your payments up to date! With the help of your spreadsheet, you will have all the payment information you need to get organized in advance. 

Prioritize payments that will be due soon or those that offer a discount in advance. After all, you have to trust your suppliers, but they also have to trust you - it's a trade-off.

Have you written everything down? Now you will be able to organize your supplier payments much more easily!

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