One of the most successful professions in the world is – Business. All over the world, almost 70 percent of the people are in some way connected to the business. It is not possible for any business to succeed until it has proper buyers and suppliers. They can be considered as major facts that run a successful business. Companies have realized that it is very important to nurture the relationship between buyer and supplier for long-term success. This article will give you an opportunity to understand the relationship’s hierarchy that leads to a strong foundation in a buyer-supplier relationship.
Before diving into trade with exporters, we should know about the importers and products. We should learn how to import in Mumbai, Sri Lanka, and other states. we should know about the demand and supply in that place. We make sure to build a good relationship with buyers and suppliers.
What exactly is a successful supplier and buyer relationship built upon?
For understanding this let, we first understand who is a buyer and who is a supplier.
A buyer is a person who acquires services and pays for the same. He is the one who purchases finished goods from the supplier and in return pays for the same. He might purchase for sale or resale or on behalf of a firm or organization.
An entrepreneur who contributes to goods and services is a supplier. Vendor, seller are some of the synonyms of the supplier. There are suppliers who supply in the domestic market and there are suppliers who supply in the international market.
The principles on which a buyer and supplier’s relationship is based are virtually the same in nature. By having a two- way and open communication between both parties, it is possible to have a good and long-lasting relationship. Being honest and open about everything, buyer and supplier can have an excellent relationship. This helps to understand all the circumstances and resolve the issue if any.
The supplier should send and should schedule invoices to that of the buyer on time.
It is the duty of the buyer to send the purchase order to the supplier on time.
Suppliers should send estimates to the buyer for his/ her approval.
In case of price settlement, the buyer has the right to send inappropriate credit to that of the supplier.
With the help of e-commerce platforms, buyers, as well as suppliers, should be given a right to log- in for free of all invoices and all account statements.
E-Commerce is such a platform wherein the buyer and supplier can get connected globally. E-Commerce helps the parties to easily supply any goods from one country to that of the other country. This helps small, medium as well as large entrepreneurs to do domestic as well as international business. Collaborating and maintaining a healthy relationship with that of the supplier or buyer can help to maintain optimum profitability and productivity from both ends. A good relationship between buyer and supplier helps to stay engaged with the party and create a long-term business. Good and clear communication leads to undisputed transactions, which in turn creates respect for each other. It takes a minute to break trust and so due care should be taken by both parties.
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