Early on in my career a colleague was fond of stating that “revenue growth is a wonderful deodorant.” I’m going to shamelessly steal this and put my own twist on this statement… It is my belief that a strong economy is a wonderful deodorant!

We are in challenging times. The deodorant (aka – the thriving economy) has worn off and now organizations are left to swiftly ascertain how to adapt their business to the “new normal.” One of the most impactful ways to optimize results is to address lackluster supplier relationships that have been left in ‘status quo’ mode.

Listed below are 5 warning signs that may indicate you need to reassess your current relationships:

• Business Continuity Plans are undefined or below standards
• Lack of innovation and proactive program improvements
• Strategic Business Reviews are not occurring frequently, if at all
• Minimal Acceptable Performance – the service and offering are not up to your standards
• You have grown, but your supplier has not kept pace

The economic downturn was sudden and unexpected, and organizations have already started to evolve the way that they operate. Now, more than ever, your organization must ensure you have long-term, sustainable partnerships in place to ensure business alignment now and into the future.