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The Perception of Partnership
By Joel Block
I have a client who is in the midst of contemplating the creation of a new relationship with one of his most important vendors. The client is considering entering into an out-sourcing relationship in which one company will close down its manufacturing facility and allow the other company to do all of the manufacturing. My client already thinks of the vendor as his partner in this endeavor.
I've been careful to counsel him that the two companies are not partners yet; the other company is a vendor. The vendor needs to remain a vendor until it has earned the designation of partner.
On the vendor's side of the formula, that business needs to out-perform the expectations of the client company so that the client will want to elevate the vendor to partner status.
On the client's side, it's important to elevate vendor companies that step up to the plate.
So, as you are working hard every day to build your company, or as you're building your career, aim to over-perform, over-deliver, and create expectations that are reasonable for all parties. If you do that, you will be rewarded with long-term contracts and lifetime relationships. If you don't, you'll remain a vendor. As we all know, vendors come and go when the wind blows.
About Joel G. Block
Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. To bring Joel into your company, please visit www.joelblock.com or www.growth-logic.com.
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