In this series, we’re discussing different approaches to leading a company through a recession. Many financially driven leaders will jeopardize their supplier relationships during a recession.
The financially driven sometimes start demanding price concessions and begin paying their vendors much slower. A visionary may take a longer-term view.
By offering to pay your vendors early, or at least on time, you can win favor that may lead to price concessions or better terms. Your graciousness can build a stronger relationship for the future.
Proverbs 3:27 says, “Do not withhold good from those to whom it is due, when it is in your power to act.”
Rather than using and abusing your suppliers, consider paying them early, or at least on time. You will likely build a friend for the future.
