Hey everyone! As the holiday season is just around the corner, let’s come together at IPS Connect Coffee Chats to talk about something that is often overlooked – showing appreciation to our suppliers.

Have you considered about how you can show appreciation and give thanks to your suppliers for all their hard work this year? It’s important to take a moment and acknowledge the efforts they’ve made to support your business. Like anyone else, a simple gift of appreciation can motivate, build trust, and strengthen the relationship with our suppliers.

So, here are 3 easy ways to make that happen.

Send a Thoughtful Thank You Note

Imagine this: At the conclusion of each year, you performed a quick review of suppliers, noting the ones who performed exceptionally well this year and share it with your category teams. They then go out and grab some thank you cards, taking the time to write heartfelt notes of gratitude to those suppliers.

Now, here’s the exciting part: This small, thoughtful act would truly stand out to your suppliers. It would make them feel extraordinary, appreciated, and valued. That feeling of recognition would drive them to give their absolute best to you in the coming year. This scenario offers a remarkable chance to cultivate stronger relationships and paves the way for even more significant achievements in the future!

Inquire About Their Challenges and Offer Your Support

Did you know what’s truly remarkable about exceptional suppliers? They are consistently available to help, generously sharing their knowledge, industry insights, and innovative solutions to challenging business issues.

Instead of just relying on their assistance, what if we turned the tables and asked our exceptional suppliers, who demonstrate outstanding performance and potential, how we could be of assistance to them? It’s a transformative approach! Initially, they might be surprised since it’s not a customary expectation they encounter.

However, once they realize the genuine nature of our question and experience the support we offer, a unique connection will develop. This bond will nurture open and transparent lines of communication, resulting in the emergence of even more inventive solutions from them.

Honor Your Payment Commitments

Let’s talk about something that should be simple but often becomes a source of frustration: ensuring timely payment to suppliers. Seriously, it’s a challenge that most of us in Procurement can relate to.

What if, for our top suppliers, we took a proactive approach and reviewed their accounts every autumn to ensure they were paid up to date by the end of the year? Just imagine the impact!

Ensuring timely payment to our suppliers not only makes them happy but also provides much-needed relief to our Procurement and Accounts Payable teams. As we embark on the new year, they can enjoy a break from worrying about those accounts. This arrangement strengthens relationships, reduces stress, and sets the stage for a smooth start to the new year. Now, that’s something worth celebrating!

As procurement professionals, we’re all about going beyond cost-cutting and focusing on building strong relationships with our suppliers. These relationships are key to bringing in value and innovation. Even though it seems like a small thing, something as simple as saying “thank you” to those suppliers who have done an excellent job this year can make a big impact.

So, as we celebrate this coming holiday season, let’s take a moment to acknowledge their hard work and show our appreciation for their excellence by saying a heartfelt thank you.