Do you have favorite vendors, ones you would gladly work with again and again? What is it that sets them apart?

Chances are it isn’t price. Yes, the best vendors provide their goods and services at reasonable prices, but the vendor relationships that stand out in my mind weren’t with the lowest bidders. There’s much more to it than that.

My team and I have thought a good deal about what makes for the best vendor relationships, and we’ve concluded that the best vendors are partners that become part of our strategy and are proud to be associated with our organization. Organizations can work enthusiastically with such strategic partners to devise innovative ways to achieve one another’s objectives. The two partners share a linked destiny.

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