Trust: The Building Block of Supplier Collaboration
The definition of Collaboration, according to Merriam-Webster, is “to work jointly with others or together especially in an intellectual endeavor” or “to cooperate with an agency or instrumentality with which one is not immediately connected”. Working in tandem like this is what has helped our economy boom, as well as raising businesses from the brink of collapse.
If collaborating companies are this intertwined, why not mention the cornerstone of how they work?
Trust
Supplier Collaboration is truly only as strong as the trust developed between the two collaborating parties.
Some may say that these exchanges can be as simple as an email conversation or a face-to-face meeting with a supplier, though in this modern age it would not be considered TRUE collaboration. In order to have real collaboration you must be able to share information, skills, intelligence and data, potential risks, and your honest business competencies.
Collaboration between a supplier and a buyer requires a certain level of trust; the higher the trust, the more fluidity between the two parties. Essentially, you want to get to a point where your supplier feels like a partner in your business.
Developing Those Connections
It goes without saying that your decisions in supplier collaboration should be data driven and conscientious but the decision also should factor in the trust of the partnership, as mentioned above.
So where can I find someone to form these lasting relationships with? Fantastic question!
One of the best places to meet DEPENDABLE supplier collaboration partners is at Trade Shows. Trade Show Attendees and Exhibitors attend these large-scale Trade Shows/Expos to make VITAL connections within their business ecosystem (so to speak). If a company is willing to take its valuable time to put together a proper booth presentation, it is not just for show. As our blog has mentioned before, booth budgeting can be quite the task. This is why investing in a show displays that you, and your business, mean … business.
Summary & Solutions
No matter the size of your business, connecting with a trustworthy supplier will undoubtedly provide growth for your business. You will eventually find what fits both you and your suppliers needs; whether that be a web portal for quick information exchange, access to live studies, or other valuable data points.
For those in the aviation field, an excellent place to meet these kind of suppliers and buyers is at PBExpo! PBExpo 2018 was filled to the brim with individuals who truly cared about the aviation, aerospace, and technology fields; people who truly wanted to thrive within the ecosystem. If this sounds like you, reach out to any one of our PartsBase employees at 561-953-0700 or visit PBExpo.org today!