Discover the CEO of YOU™ – Partner With Your Vendors

Discover the CEO of YOU™: Partnering with Your Vendors: Building a practice is like building a house—many parts must come together to create the final structure. You’ll need specialists to bring all those elements together, forming a team that makes your dream a reality.

Similarly, as the CEO of your practice, you’ll need a team to help turn your vision into success. In this article, we’ll discuss how to build mutually beneficial partnerships with your vendors and turn them into invaluable consultants for your team.

Who Are Vendors?

Vendors are experts in the products they sell. They undergo extensive training before visiting your practice, equipping them with deep knowledge of their products and the sales norms in your area. That’s why I believe they can serve as excellent consultants for your practice.

By collaborating with vendors, you can tap into their expertise, elevating your team’s credibility as specialists. For instance, in my office, when we’re preparing a product promotion, we often rely on one of our trusted vendors to fill knowledge gaps.

Vendors can also help you save money. As experts in their specific areas, they know how to minimize costs. Building strong relationships with vendors may also lead to discounts and extended payment terms, offering additional financial benefits.

Why Partner With Your Vendors?

Beyond the benefits already mentioned, it’s essential to value your relationship with vendors because they can enhance your operational efficiency and increase your practice’s profitability. Clear communication is crucial to aligning your goals and keeping both parties motivated.

The best way to maintain strong communication with vendors is to implement a vendor management process. Start by creating a database of your existing suppliers and vendors, classifying them based on the goods and services they provide. This will save time and money while giving you a framework for evaluating and comparing vendor performance. It will also help you determine who is genuinely committed to your goals and deserves a permanent spot on your team.

5 Tips for Creating an Effective Vendor Management Process

1. Assign a Relationship Manager
   Designate someone on your team to manage each vendor relationship. This person should stay in touch with vendors regularly, going beyond email to make phone calls or even site visits. Try to build a friendly, personal connection with your vendors whenever possible.
2. Create a Vendor Agreement
   Establish an agreement with your vendors to outline the terms of your partnership. This document should include a warm welcome for new vendors and your practice’s mission statement so they understand your values. Additionally, clarify your expectations of them and what they can expect from you. This agreement will foster a productive partnership for both parties.
3. Schedule Vendor Visits in Advance
   Plan ahead by dedicating specific times for vendor visits. In my office, we block out time in our calendar for vendor appointments. I also include this statement in our vendor agreement:
   “We are unavailable to speak with you during patient care hours. It wouldn’t be fair to our patients, our team, or you. We want to give you our undivided attention.”
   This way, vendors know they must schedule an appointment to receive our full attention. If they arrive unannounced, we politely remind them of our agreement and continue with our day. Remember, it’s your practice—you set the rules.
4. Train Vendors to Meet Your Needs
   If things aren’t working smoothly, ensure you and your vendors are on the same page. Be honest and, if necessary, train your vendors on your practice’s culture and goals. Once they understand your needs and values, they’ll be better equipped to help. However, if a vendor consistently fails to meet your expectations, it may be time to let them go.
5. Demonstrate Loyalty
   Show your vendors that you appreciate them by consistently giving them business, working through challenges together, and rewarding their efforts. Simple gestures like thank-you cards or small gift cards can go a long way in building loyalty. Be transparent and communicative—this strengthens the partnership over time.

The Value of Strong Vendor Relationships

The benefits of developing strong, trusting vendor relationships are immeasurable. A relationship based on mutual understanding and respect will help you achieve your practice’s goals more efficiently. Building lasting partnerships with your vendors should be the ultimate aim of any vendor management process.

Next week, we’ll continue this conversation on building a winning team by focusing on the most crucial team of all—your patients, the lifeblood of your practice.

Are You Partnering with the Right Vendors?

• Are your vendors serving as valuable consultants for your practice?
• Are they helping you achieve your goals?

If you answered “yes” to these questions, congratulations—you’re on the path to building a successful vendor team. If not, we’re here to help.

Next Step

For more insights on building a winning vendor team, visit OptometryDivas.com/join to sign up for our CEO of YOU™ practice success blueprint.

Until next time, remember: dream big, take risks, and become the CEO of YOU™!