Mike Clare of Dreams on suppliers [Video]
Mike Clare talks about the ongoing relationships that businesses build with suppliers
Mike Clare says it’s best to work “with lots of different suppliers and play one off against the other,” to ensure you get the best deal. But he warns, you should still “be loyal to certain suppliers” and treat them like “business partners.” It’s good to build trusting and lasting relationships with certain firms, if you’re going to be working with them frequently.
As the entrepreneur explains: “We were the customer, they were the supplier… we became very important to them, they were important to us.” He adds that although they had problems and arguments, they had to see through because “the relationship was so important.” In transactional relationships there can often be disagreements, but it’s vital to resolve them quickly to avoid any damage to your business or reputation.
“On the other hand,” Clare advises, “we’d spread ourselves,” because you can leave yourself vulnerable with just one supplier. “But not with every Tom, Dick and Harry,” he concludes.