Moment #63 // Times are tough and, when the pressure is on, it doesn’t take long before companies start to squeeze their suppliers in an attempt to find cost savings.

Unfortunately, your suppliers are facing exactly the same pressures you are. Their costs are rising too, and they’re experiencing the same difficulty in finding and keeping their best people.

Knowing how to manage your suppliers for optimum long-term benefit is critical, especially as you seek to outsource more and more of the company’s non-core work. If you squeeze your suppliers too tight, they’ll end up cutting corners. Remember, you can outsource the activity, but you can’t outsource the risk!

You can take a deeper dive into these insights by listening to Ep.221: Managing Supplier Relationships.

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