Beyond the service rendered or the money paid, you want a vendor or client who creates opportunities. When you hire a vendor or take on a new client, you make an investment. Traditionally, you spend dollars or time in exchange for dollars and time. A good investment strategy involves diversification and selecting companies with multiple revenue streams. The same holds true of your vendors and clients.

A client or vendor who actively introduces you to opportunities or shares a connection offers more than one product and market. The chances of their long-term survival and a better return on investment is greater.  This helps you to see the value a small business may bring over a large corporation and facilitates the creation of lifetime clients, no matter to what company the person may relocate.

When you interview a new vendor or client, ask who they work with and if they’re willing to make an introduction.  This should not surprise nor offend them.  If you’re doing business with a small business that isn’t creating opportunities for you, then you’ve accepted additional risk without a return.  Get out.  Select a large corporation or, better yet, move on to a small business that performs.

Sherwood Chamberlain helps businesses in the construction, legal, and financial sectors. We’re more than happy to help our clients and vendors to become acquainted.