Yes, you read right….. it is not a typo and this newsletter has the potential to increase your bottom line in a huge way!
Have you ever given some thought to what are the two most important elements of your business are?
- Number 1 is your staff. Without someone to perform the services you have, there is no business.
- The next may surprise you, it is your suppliers. Without your suppliers, you cannot perform the services.
So, we always spend hours and hours of time talking about staff and how to grow and develop them. We have a entire Module in the Business Management Course, specific to staff and how to get the best out of them. Conversely, we very seldom, if ever actually focus on how to develop the relationship with suppliers and how that can impact our businesses.
Let’s look at 5 simple ways to show appreciation to your supplier in order to develop the relationship and ultimately improve the bottom line.
- Have a meeting (preferably face to face) at least once a month. Respect the meeting time and don’t book other meetings that you deem more important in place of this. Put your phone away and take the time to talk about personal life and business.
- Treat your supplier to a free treatment once or twice a year as appreciation for what they do for you. Use this to get valuable feedback on treatments. Your supplier could act as a mystery guest. Who better to give you feedback than your supplier and at the same time they feel spoilt and loved and appreciated. Caution here: be prepared to hear the constructive criticism and don’t just expect flying reviews. Your supplier will only give you honest feedback if they feel you can and will accept it – don’t forget this.
- Offer your supplier lunch or surprise them with a small cake for their birthday in that specific months meeting. Who doesn’t like their birthday remembered? Whilst you are quick to treat your clients and staff with a little extra something, why not your supplier? A small gesture for long term benefit.
- ASK for help. Everyone likes to feel needed. Stop behaving like you know it all and are the ultimate rule maker. That is honestly ancient leader mentality. Rather, become more inclusive in how your run your business. It’s very simple, try it, ask your supplier to help you with a specific task (not a broad topic). Fore example, you want to do a special Mothers Day Package. Ask your supplier what they think could be great as ideas and all of a sudden you have another free marketing and promotion source!
- Smile when you greet, respond to messages and say thank you as often as you can. Make it a priority to notice when you supplier does things right and show you have noticed.These may seem like such simple little things to do, but if you take the time to do them I guarantee it will change your business.
The bottom line here is that feeling appreciated and valued makes people feel good about themselves, it makes people want to give more and increases engagement and investment. It’s that simple really. Give more and receive more! Try it and let me know how it goes!
“A smart manager will establish a culture of gratitude . Expand the appreciative attitude to suppliers, vendors, delivery people, and of course customers. Harvey Mackay”
Till next week!Marisa