Running a business can be immensely satisfying. Being a part of the community, contributing to the strength of your local economy, and building a base of loyal customers are all reasons that entrepreneurs decide to pursue the restaurant business. Finding vendors to supply items that your customers love is the easy part, finding vendors that help you make money, have clear and reliable processes, and understand your business takes some effort. Marketing 360 Payments has compiled some tips for working with vendors so that they become much more than suppliers – they become an asset to your business.

1. Know what you want beyond product. When you begin researching vendors, chances are that you’ll have several options to choose from, so knowing what is important to you in the relationship is a good place to start when collecting bids. How would you like them to communicate details of your orders and how often? Do you expect to have a product sample first, or are you comfortable ordering from an online description? Are you looking for the lowest possible price even if it compromises quality?
2. Communicate openly. Good vendors want to become a partner in your success. If you tell them upfront the kind of profit margins and quality you expect then they can better serve you and you’ll save a lot of time by only reviewing options that meet your needs.
3. Ask about quality control. Trustworthy vendors are as concerned about consistency as you are. Ask for specifics of how the product will be delivered, what condition they expect the product to be in when it arrives and how they ensure that it will happen that way each time. Then ask for those details to be included in your purchase agreement.
4. Stay focused. Business owners can get caught up in the idea that they need to offer their customers a wide variety of choices, when in reality simplifying options and focusing on what makes your restaurant money will benefit both you and your customer. Your point of sale system should provide real-time data on which products and vendors are performing best.
5. Forgive first. When something goes wrong consider the example you want to set for your employees when problem solving and look at the overall picture, not just one mistake. Work with your vendor to get to the root of the problem so that you understand exactly what went wrong and how they are going to remedy the mistake. If you are satisfied with your vendor’s responsiveness to the problem then forgive and move on. If it is a consistent problem, then it’s time to look for other vendor solutions.
6. Pay attention to the data. You can be satisfied with a product and the service you receive from the vendor, but if it’s not profitable then the relationship is not a success. Payment and inventory management systems like Lightspeed’s cloud-based POS system show you the numbers quickly and accurately. If sales are not living up to your goals then discuss it with your vendor. Having the data to back you up will help make the conversation clear and you’ll be able to work together to make the necessary adjustments.

Marketing 360 Payments representatives can help you choose the right product to improve your vendor relationships and make more money. Schedule an appointment today.

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