In this video from Forbes Jill Cartwright from Go Ga Ga was able to build such strong relationships with her vendors that she was able to outsource every function of her business to them. As a result, she was able to keep all of her net revenues as profit. She also refers to her vendors as "partners". While most small businesses value, and even need, strong employees, when they are paired with strong vendors as Jill demonstrates, it can create a winning dynamic.
We are seeing that small businesses want to know that their vendors are out to protect their best interests. In our industry the typical customer stays with their credit card processor for an average of 5 years but when the vendor makes the shift into being a trusted partner the average shoots up to 20 years. Simply treating your customer like a sponge out of which you want to squeeze money provides only short term cash and profit. However, by treating them like you are a partner that is invested in their business, you will have a reliable customer for life. Have your customers' best interests in mind at all times. When choosing vendors, find companies that believe they will not only achieve success for their business, but help you to achieve success in yours.
