What Is The Best Way To Establish A Vendor Relationship?
In writing. Some times small business owners want or need something so fast they don’t spend the time to make sure their new relationships with a vendor is in writing. It is imperative that you have your agreement in writing and that it is clear. The agreement should spell out what your vendor will do and what you will do, what will happen if things don’t happen as agreed, payment terms, length of the agreement, termination clauses and all the other basic elements of an agreement. I’m sure your vendor will have one for you and you can make changes to it to include the key elements of your deal with them.
I know, I know, you’re thinking why is it important to have everything in writing all the time? Because it clarifies everyone’s thinking on what is going to happen, who is going to do what and how much you are going to get charged or charge someone else. You can have your emails going back and forth and you can have your phone calls but most final agreements always say “this agreement supersedes all other agreements whether written or verbal” and that nullifies all those emails going back and forth.
So take the time and make sure EVERYTHING that was committed to in all those meetings, emails and phone calls is in the FINAL AGREEMENT. If it’s your first business then talk to someone who has been in business before and ask them if this is a good idea, they will tell you yes. If this is not your first business then you already know you should put your agreements in writing. So start today and never stop! Make it happen!