A strategic partner is one that has earned the trust of your company. They have shown that they are in the relationship for more than the paycheck. Outcome matters to them. Therefore, they are not quick to offer solutions until they understand your needs, objectives and business model. The evidence of this kind of relationship is in the interaction, as there is give and take in shared information and a mutual desire for success. Said another way, a strategic partner will not only be focused on your current state of business but will be looking toward the future and how they can proactively bring value to your company’s business.
Viewing your vendors as strategic partners provides you with a resource that can provide additional value and industry knowledge to your company. Sharing pertinent information with them and giving them access to your organization, you may enhance their ability to assist you with your present and future business needs. That being said, here are a couple of ideas on how to pursue strategic partnerships:
1. Conduct a business review on a quarterly, semi-annual or annual basis with your top vendors. This will give you the opportunity to share with them what your company goals and objectives are and will give the vendor the opportunity to do the same.
2. Introduce your key vendors to other departments in your company, so they can understand that departments needs and uncover possible future solutions.
Although it is not likely that all of your relationships with vendors will be strategic partnerships on the same level, it is a great time to evaluate how your company interacts with vendors that you do business with. A great resource may only be a relationship away.