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When you run a small or medium-sized business, your suppliers are the backbone of your operations. But what happens when a supplier fails to deliver on time, provides subpar products, or faces financial trouble? These are supplier risks, and they can disrupt your business in ways you might not expect. Understanding and mitigating these risks is not just smart - it’s essential. Let’s dive into how you can develop effective supplier risk strategies that keep your business runni

Building strong vendor relationships is like tending a garden. You plant the seeds, nurture them carefully, and watch your business flourish. But how do you ensure those relationships grow healthy and robust? It’s not just about signing contracts or placing orders. It’s about creating partnerships that add value, reduce risks, and keep your operations running smoothly. In this post, I’ll share practical insights and actionable tips to help you master vendor relationship strat

It's Not About Quantity, It's About Impact One of the most common objections to implementing vendor risk management is deceptively simple: "We don't have many vendors, so our risk is low." It's an understandable assumption, fewer relationships should mean fewer problems, right? But this logic fundamentally misunderstands the nature of vendor risk. It's Not About Quantity, It's About Impact Risk isn't measured by the number of vendors on your list. It's determined by what thos