Relationships with suppliers are important much more than sealing great deals. Supplier Relationship Management (SRM) is a tough subject that requires the creation and maintenance of long-term connections in order to achieve long-term profitability. A reliable supplier relationship reduces the burden and worry of having to renegotiate contracts or constantly bring in new suppliers.
That’s why in this article, we’ve outlined several strategies to help improve your hotel supplier relationships.
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1. Respect & Honesty
Mutual respect and openness to accept each other’s demands and viewpoints pave the path for suppliers and buyers to collaborate in ways that benefit both parties. Openness and honesty are crucial components in relationship management. Providing information and being open about plans and aims increases the chances of establishing agreements that benefit everyone, especially our vital travelers.
2. Show Them an Inside Scoop
Every component of your hotel is scrutinized, from the bedding and shampoos in the rooms to the Wifi, and can have a substantial impact on a guest’s decision to return.
Also, online review sites have made it much easier for guests to share their views, whether positive or negative. Maintain regular communication between both marketing and procurement teams to highlight any problems that suppliers should be aware of.
This will support the supplier in understanding the needs and wants of your customers, allowing them to continue meeting your standards and avoiding awkward talks later on.
3. Keep it Consistent
While different areas in a hotel must collaborate, it is best if the procurement process is managed by one person, group, or unit. This means that suppliers have a regular point of contact who can establish rapport, administer a common budget, and ensure that the supply chain is adequately integrated. Having different units handling supplier relationships can result in confusion and mismanagement.
4. Use an Effective Tech Solution
Using the proper tool can make SRM more efficient and productive in a range of ways. Some solutions, for instance, will allow you to engage with your suppliers 24/7 or to obtain the data they need without wasting hours phoning or messaging and waiting for a reply.
Bottom Line
There you have it. These are our top four strategies to optimize hotel supplier relationships. In this day and age where everything is automated, you cannot maintain a healthy relationship without using effective technology.
We at Penny offer a wide range of solutions that can meet your specific needs and goals. Just contact us, and let’s get started!
