Dustin is the founder and CEO of BriteCo, an insurance technology company that is revolutionizing the retail jewelry insurance experience. Business service providers are essential for companies like Dustin’s, offering expertise in areas such as SEO, PR, social media, and tech development. These partnerships can bring significant value to an organization, as seen with NFL Super Bowl advertising campaigns that have become iconic thanks to the efforts of various service providers working behind the scenes.
However, not all vendor relationships result in success, as some may lead to a loss of time, money, or resources. This can be due to a mismatch between the company’s needs and the service provider’s capabilities, or a lack of effective utilization of the resources hired. To ensure the best fit for service providers, companies must start by determining what they need, why they need it, and if outsourcing is necessary. It is important to be clear on what is not needed or wanted in order to avoid potential pitfalls.
When looking for reliable vendors, networking with colleagues, mentors, investors, advisors, and others can provide valuable referrals and business connections. It is essential to connect with companies in the same market space and establish a process to validate if a potential provider aligns with your needs. Starting slowly with outside providers and creating a two-way partnership where both parties are actively involved is crucial for success.
Communication, transparency, and clarity about expectations are key components of managing vendor relationships. Both parties must be proactive in providing input, feedback, and collaboration to ensure the partnership is productive and mutually beneficial. Expecting and allowing for experimentation and learning from failures is also important in fostering a culture of innovation and growth within the relationship with service providers. Overall, developing a strong and evolving relationship with business service providers is essential for the success and growth of an organization like BriteCo.
