For many small businesses, vendors serve a defined purpose: They provide a product or service. Once that is done, the business pays the bill and moves on, until the next time they need the product or service.

In some situations, this model works. However, many businesses have found their vendors are an important part of their success, and are instrumental in their company reaching its goals. Those companies that have developed strategic partnerships with their vendors are often in a better position to achieve their objectives and to maximize their results than those who take a more transactional approach to working with vendors.…