When it comes to working with vendors most businesses approach the relationship with the classic mindset of out of sight out of mind.
While a business may have several vendors that they work with - That's no excuse to put a vendor on auto pilot.
If so, bad things can happen.
It's important to remember that not all vendors are created equal.
Some are more important than others and there are varying degrees of need and involvement.
At a high-level the goal is to understand what you purchased.
It can sometimes be a juggling act to keep track of all of your vendors.
The key is to set up a regular cadence so that you're checking in with your vendor based on the criticality to your business.
When working with a new company it's interesting to see how many vendors a client does not have a clear relationship with.
Quite often they are paying for things that they don't need.
Or worse they don't have any documented access to the resource.
A few examples…
We brought on a new client a few weeks back and this client had no information regarding who managed their firewall. When a situation like this arises the only choice is to reset the firewall to regain access to it. This can be a messy situation.
With another client we were able to save them millions of dollars just by going through, reviewing their vendor relationships and replacing the ones that were taking advantage of them.
Make a list of your vendors.
Rank their relative importance in your business.
Determine the frequency to contact and review.
Moving in the right direction it's literally just that. Moving.
Don't outsource out of mind your vendors.
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