How important is building relationships and trust with your vendors? When you do have established relationships, are you placing too much trust in them? How do you balance being business savvy and trusting? 

Mark McCormack is known for saying “All things being equal, people will do business with a friend; all things being unequal, people will still do business with a friend.” How much does this matter in the supply chain? Let’s see if we have an answer. We dissect the topic in this episode of MakingChips.

– Nick

Segments

• [0:22] Join the AMT Community at AMTOnline.org
• [5:21] The Chip on Mike’s Shoulder: Managing vendor relationships
• [7:48] “All things being equal, people will do business with friends”
• [13:53] When good intentions get in the way of business
• [16:21] Are you providing value to your vendors?
• [18:44] How much transparency should you provide?
• [27:03] Navigating price increases with your vendors
• [32:18] Tracking quality, price, delivery, and more

Resources mentioned on this episode

• Join the AMT Community
• ProShop ERP
• What They Don't Teach You at Harvard Business School

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