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We love to say that collaboration is the currency. The relationship you establish with your event vendor and service providers will benefit both parties in the long run. In consistently engaging with your vendors you are able to reach agreements that will be beneficial to both of your businesses; it will not only be about negotiating the lowest price possible when needed. The truth is, you need to rely on their expertise and understand their products/services and how they can best help support you and your event.
These connections are crucial to long-term success because you cannot be expected to know or keep up with everything. Here are four suggestions for managing relationships with vendors and keeping this currency at the highest value.
Lack of communication in any relationship is the quickest way to create problems. Spend some time talking to your suppliers and build a good rapport with them so that they reach out to you quickly and easily if anything were to arise. This is particularly significant in terms of timing. Keep in mind that your event vendor should be one of the first parties to be informed if anything regarding the timeframe or any other details for your event changes. Also, we’ve heard the saying “no man is an island”. When you run into problems, reach out to your vendors, they too can help you to problem-solve issues that can come up. Additionally, tell them upfront what the requirement is for the event day to avoid any last-minute misunderstandings.
We all know that we can’t predict every minor issue that may pop up with our vendors. It’s always a great idea to have a contingency plan for common disruptions such as bad weather, minor emergencies, etc. The majority of these backup plans would often be handled by your vendor team. It is also good practice to ensure you’re on the same page as your vendor and ensure they know exactly what to anticipate in the event of the unthinkable.
Keep in mind that your vendor is running a business too. Talk to your event vendor to get a good understanding of their perspective on the industry and in turn develop a stronger working relationship. You would be in a better position to understand their pricing. You can now negotiate the best rates keeping in mind what work is required by the vendor and what they can realistically deliver.
In the same way, you are delivering high-quality work, so too is your supplier who of course has to be paid for it. Think back to the last time one of your customers paid you late. What issues did this delay cause you? One of the best ways to ensure your vendors continue to trust working with you is by respecting the work that they do, paying them on time and adhering to their payment terms. Ensure they are aware of your internal processing times as well. If at no fault of yours payment has to be late, remember to communicate openly to limit the inconveniences for both parties.
Were these tips helpful? Let us know in the comments.
If you need assistance sourcing an event vendor team to support you at your event, send an email with your event details to firstname.lastname@example.org and we would be happy to chat with you.
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