Can you put a price on loyalty?
Each week we publish tips for small businesses on our website and social media channels. Recently we encouraged small businesses to compare the market and make sure that they get the best rates from their suppliers or to swap if a company is offering a preferential rate in order to save money for their business. But maybe that is easier said than done!
What if you have been using a supplier for several years and developed a good working relationship?
Do you remain loyal and continue to use your supplier, despite it costing your company more money to have a good relationship or do you seek out a new supplier that is more cost effective and possibly more efficient because they are eager for your business?
Making business decisions is never easy and it’s always nice to build relationships in business. That being said, for a small business being as cost effective as possible to ensure that you are sustainable for the future is vital.
Let us know what you would do by commenting below.