• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Don’t get too close to your vendors

by on
in HR Management,Human Resources,Leaders & Managers,Management Training

Close relationships between your organization and its vendors or partners probably are thought of as a good thing. But here are a couple of pitfalls you should know about:
  1. The closer and safer your partners, the more likely they are to raise annoying issues and generate conflict.

  2. Each partner learns what you know. If one partner or vendor resorts to opportunism, the relationship will become unstable and vulnerable.
  • Re-evaluate older relationships. Rotate your people through the front lines every two years so that you’ll have a fresh set of eyes.

  • Monitor the marketplace regularly for fair pricing.

  • Develop backups. A key business relationship shouldn’t rest on the bond between two managers.

  • Take mutual hostages. The best antidote to abuse is sharing dedicated investments such as assets, human resources, specialized strategies and capital equipment.

  • Set common goals. In the beginning, these goals are key to establishing expectations and roles. Review them periodically.
— Adapted from “The Dark Side of Close Relationships,” Erin Anderson, Sandy D. Jap, MIT Sloan Management Review.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/7555/dont-get-too-close-to-your-vendors "

Leave a Comment