When you pay monkeys you get peanuts – this the perfect expression to get the most imperfect gift this season. If you are part of an organization where Diwali, New year, mid year promotions, incentives are all brought in with a touch of gifting then you may resonate with what I am writing here.
Creating the right gift is an art and most often than not this job of sourcing the right gift turns out to be a herculean task for procurement and admin heads. This just adds to their existing work load. So whenever a gifting requirement comes up all they want to do is get the monkey off their back. Impressing their bosses by bringing in gifts at the cheapest price seems to be the only way. The truth is – it is not the only way. There can be more to gifting than sourcing at cheap prices.
Here are 3 simple ways to get the job done the right way
Quality over price – Understand that great quality cannot come at a cheap price – a vendor who is cutting his margins to get the order from you may not have enough profitability to service you in the future. When you go with only price as a preference chances are you’ll be sold a product that is low in features or is an old or fading out product.
Profit is not a bad word – When you come from a space where you treat your suppliers as businesses which deserve to make decent profits you’ll learn to be a good buyer. At the same time it is important to see that you are getting great value for the price you pay.
Win-win or no deal – A good supplier is one who will not give deep discounts because he is desperate for the order, but one who will choose to walk away when you negotiate below his lowest possible healthy price. And one who lives by the philosophy of ‘if my product is of no value to you then your money is of no value to me’. When your supplier does not budge to your hard negotiation, have a conversation with your team and the supplier and set realistic expectations, keeping win-win in mind.
When you want to go fast you go alone – but when you want to go far you go together – In this time and age, the only way to grow and sustain that growth is through building trust based relationships with your clients, associates and suppliers. When you set out with this intention in mind, your perspective will go through a sea change as you will see suppliers as your partners in growth. And when this happens, you know you have found reliable partners who will support you with your every need.
When you sit on the buyer side of the deal, always remember to begin with trust and believe that reaching a win-win is the most important part of doing business together. Suppliers are your channel partners in growth, and you both need to co-exist in an environment of trust and support.
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Leena Munot
Co-founder
The Giving Tree
