What are some ways to better understand your vendor's business?

Dig into industry reports, news articles, and analyst insights. Look for information on their market share, key competitors, growth strategies, and challenges. Check financial statements and filings. This can reveal their financial health, profitability, and risk factors. Attend industry events and conferences. This gives you a chance to meet their team, hear their perspectives, and network with other vendors.

There are many ways to find vendors, such as online directories, trade shows, referrals, social media, or industry publications. You can also use your own network, such as your colleagues, customers, or competitors, to get recommendations or feedback on vendors.

Open-ended questions start with “Why?” “How?” and “What?” They encourage a full answer, rather than the simple “yes” or “no” response that is usually given to a closed-ended question.

By asking open-ended questions, you can listen actively to your vendors and understand their perspectives, strengths, weaknesses, and opportunities for improvement. A lot of people make the mistake of explaining what they want to the vendor and then saying, do you understand

Each organization has a different vendor review procedure. However, typically they consist of a security questionnaire, an analysis of incident reports, action plans, and consumer surveys.

1. First and foremost, you need to define the purpose of your visit and the relationship with the vendor. 2. Identify the primary contact from the inspection site. 3. Every team member must carry a pre-printed agenda and schedules and business cards. 4. Determine the questions that you missed.

Hire individuals from the vendor’s industry. There is no better way to gain a clear perspective than from an industry insider. If you are not already hiring people from outside your industry then you are way behind your top competitors. What your competitors have learned is that companies within completely different industries have unique methods of running their businesses. These businesses methodologies can be reconfigured to add tremendous unrealized value and cost savings when applied to their business model.

Review their financial reports: This provides insight into their financial health, stability, and growth potential. Analyze their market position: Research their industry, competitors, and target audience. Understanding their market challenges and strengths can inform your partnership. Review case studies and testimonials: Seeing how they've worked with other companies in your industry can reveal their capabilities and potential pitfalls. Schedule in-depth meetings: Go beyond routine calls and delve into their business strategy, operations, and future plans.