Supply chains can unravel quickly when a crisis hits. Supplier delays can halt production, disappoint customers, and cut deeply into profits just because this one weak link can stop your entire operation in its tracks. In contrast, a dependable network of suppliers means you can tackle sudden challenges calmly and get back on your feet faster.
While no business can predict every disruption, you can strengthen your supply chain by building more resilient relationships with your suppliers. Here’s how to make that happen.
1. Ensure Reliable Payments
Never underestimate the power of reliable payments. They show your suppliers that you run a professional operation and value their partnership. In contrast, delayed or inaccurate payments on a regular basis can only frustrate suppliers and damage trust. As such, ensure that your payments are timely and accurate.
One way to do this is by using digital tools that simplify your financial operations. For instance, Maya Business offers secure, flexible solutions that let you handle different financial aspects of your business in one integrated system. Specifically, Maya BusinessDeposit is a digital-first deposit product that simplifies money management by offering a single account that allows you to receive sales, transfer funds via PESONet or InstaPay, and disburse salaries. Since it’s powered by Maya Bank, your account will get a 2.5% interest rate, which is higher than what traditional banks typically provide for business banking accounts.
In other words, with Maya Business Deposit, you can handle disbursements for multiple suppliers and vendors from a single SME banking account. Moreover, it also acts as an efficient payroll system, helping you manage even employee payouts while minimizing manual paperwork.
Additionally, you can assign maker, checker, and approver roles within your team to keep transactions secure, which is especially important when dealing with large sums of money or multiple payments. By streamlining your payment processes, you free up valuable time to nurture supplier relationships instead of fixing payment errors.
2. Treat Suppliers as True Partners
Too many businesses see suppliers as mere transaction points. In reality, your suppliers play a key role in your long-term success. So, treat them like strategic partners, not just service providers. This starts with transparency.
Some business owners worry that being open about challenges will make them seem weak. But in truth, transparency earns trust. When suppliers know the bigger picture, they are more likely to step up when unexpected problems arise. For example, if you face a sudden spike in demand or a shipment delay, a trusted supplier is more likely to help you find workarounds than one who feels kept in the dark.
Appreciation also goes a long way. Recognize suppliers who deliver on time, solve problems quickly, or find ways to cut costs. Even a simple thank-you message or a public acknowledgment during meetings can strengthen your bond.
3. Strengthen Communication and Collaboration
Consistent, clear communication is the backbone of any strong supplier relationship. Fortunately, you have plenty of options for communication tools, shared dashboards, and real-time updates that help everyone stay on the same page.
But don’t limit communication to problems alone. Schedule monthly short calls to explore opportunities for improvement. After all, good suppliers can be surprisingly innovative. Plus, they often see production or logistical challenges from a fresh angle. So, give them space to share suggestions or new ideas for materials, packaging, or delivery methods. You may discover more cost-effective solutions or improvements you hadn’t considered. Moreover, these conversations help you spot issues early and find solutions before they escalate into crises.
4. Put Agreements into Writing
Trust is crucial, but clear documentation is equally important. In fact, even when you have strong relationships, misunderstandings can still happen. As such, create a clear, written agreement that spells out every detail: product specs, prices, delivery timelines, payment terms, quality standards, and the point of contact for each step of the process. Make sure both sides agree to and understand these terms before work begins.
Well-documented agreements also make onboarding new team members or suppliers smoother. Everyone will know what’s been promised, avoiding confusion that could result in costly delays or disputes.
5. Simplify Processes
Finally, help your suppliers succeed by breaking down barriers that might stand in their way. Moreover, encourage them to speak up about challenges that affect their ability to deliver on time or maintain quality.
Beyond just identifying issues, collaborate with your suppliers to implement solutions you agree upon. This could mean standardizing documentation, automating routine communications, or even offering training on new systems or procedures. Investing in these improvements will not only help your suppliers. They can ultimately lead to a more resilient, responsive, and profitable supply chain for your own business.
Build a Resilient Supply Chain with the Help of Maya Business
Crises can’t always be avoided, but solid supplier partnerships can help cushion the impact and speed up recovery. Maya is here to help you build the partnerships you need to weather tough times. Sign up for Maya Business to take advantage of solutions that can help you efficiently build a supplier partnership that will stay strong no matter the challenges.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of cashless Maya Business solutions.
