As a procurement professional, I’ve worked with all kinds of suppliers, but one experience forever changed how I view supplier relationships.
A few years ago, I was managing a high-stakes project with tight timelines and high expectations.
Among the shortlisted suppliers was a small, not-well-known company, let’s call them “ITS Limited.” While they had competitive pricing, there were doubts about their capacity to deliver.
However, what set them apart was their transparency. From the start, they openly shared their limitations and detailed how they planned to meet our requirements despite their size.
Midway through the process, a larger supplier unexpectedly backed out, leaving us in a tight spot.
ITS Limited stepped up, offering to take on more responsibility. During a meeting, they did something unusual; they laid everything on the table. They shared their production schedules, risks, mitigation plans and even financial challenges.
It was a bold move, but it inspired confidence because I knew I could trust them to be honest.
Taking a leap of faith, I awarded them a larger portion of the contract and worked out a payment structure to support their cashflow needs. To my surprise, they delivered beyond expectations.
They maintained open communication, flagged risks early and even suggested cost-saving measures. Their commitment not only kept the project on track but also exceeded our goals.
One thing this experience taught me is that transparency builds trust and drives collaboration. A supplier who is open about their challenges offers an opportunity to work together toward solutions.
Sometimes, the best results come not from the most established supplier, but from the one willing to be honest and work collaboratively.
4 Key Takeaways This Experience Taught Me
1. Encourage Transparency: Create an environment where suppliers feel safe sharing challenges.
2. Look Beyond the Obvious: Smaller suppliers may surprise you with their potential.
3. Communicate Clearly: Set expectations and stay aligned throughout the project.
4. Reward Integrity: Recognize suppliers who go above and beyond to deliver.
Summarily, remember that transparency isn’t just about honesty; it’s the foundation of successful partnerships. The next time you evaluate suppliers, consider their openness, it might just lead to unexpected results.
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