(Inc.) — It makes no difference what business you are in, suppliers and vendors play a key role in your company’s success. Having a formalized system in place to track and evaluate supplier and vendor performance is essential to the smooth operation and profitability of your company. Successful companies embrace their suppliers and vendors, viewing them as partners in helping to grow the business. Making sure that this is a mutually beneficial partnership will impact the price you are negotiating today and the quality of service you get in future, saysDennis Wright, a management consultant from the SCORE Orange County office.
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