July 6th, 2007 13:49 EST
Who Should Be Your Partner?
I"have a client who is in the midst of contemplating the creation of a new relationship with one of his most important vendors. The client is considering entering into an out-sourcing relationship in which one company will close down it`s manufacturing facility and allow the other company to do all of the manufacturing. My client already thinks of the vendor as his partner in this endeavor.
I`ve been careful to counsel him that the two companies are not partners yet; the other company is a vendor. The vendor needs to remain a vendor until it has earned the designation of partner.
On the vendor`s side of the formula, that business needs to out-perform the expectations of the client company so that the client will want to elevate the vendor to partner status.
On the client`s side, it`s important to elevate vendor companies that step up to the plate.
So, as you are working hard every day to build your company, or as you`re building your career, aim to over-perform, over-deliver, and create expectations that are reasonable for all parties. If you do that, you will be rewarded with long-term contracts and lifetime relationships. If you don`t, you`ll remain a vendor. As we all know, vendors come and go when the wind blows.
About Joel G. Block, President of Growth-Logic, Inc.
Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. To bring Joel into your company, please visit www.joelblock.com or www.growth-logic.com.