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Experts have said that one of the best ways to improve your business is to get your suppliers to help you innovate.

But how do you get suppliers onside?

Through their article ‘Increasing Supplier-Driven Innovation’ Chun Zhang and John W Henke Jr have suggested three ways you can engage suppliers to improve you company’s innovation.

They have claimed that the answer to building mutually beneficial relationships between your supplier and your firm is through the manner in which you collaborate together.

Zhang and Henke have recommended that firms should attempt to involve suppliers with their processes particularly when developing products.

They also said that should share appropriate information with suppliers in well-timed ways and look to work with suppliers on increasing competitiveness when it comes to quality and cost.

When it comes to a product’s life cycle suppliers often have several key roles to play. They maybe able to provide useful insights and solutions towards the design of the product, they can advise your firm on their view of the product’s market and tell you what elements of the product have been commercially successful according them.

Zhang and Henke believe that strong cooperation between supplier and firm motivates both parties to further invest in this relationship.

Once suppliers have an increased awareness of what a company needs they may create new products that specifically benefit your business and will feel more secure about discussing new opportunities with you.

The authors have said that good coordination can only be achieved with strong communication.

Businesses need to share plans, predictions and technology to develop a good relationship. They must also take bad news from suppliers as a part of business not a reason for punishment.

Try to offer help and support to your suppliers. They can’t continue to drop prices all the time. Offering assistance to suppliers can instil their confidence in your firm and your employees. This motivation will encourage investment in innovation.