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Supplier Relationship Management in Small Business

In order to maintain profitability, forward-looking start-up's must adapt a systematic approach to their supply/sourcing strategy. This is when efficient supplier relationship management comes in handy. Supplier relationship management (SRM) refers to a systematic, enterprise-wide assessment of suppliers’ assets and capabilities with regards to overall business strategy. An effective SRM strategy will not only help you build strong partnerships of mutual collaboration but also help reduce risks of errors.