Many small to mid-size businesses manage vendors by 'feel' - they generally know the vendors that perform well and the ones that are challenging. Measuring vendor performance with a more structured approach allows you to identify specific areas of improvement and create action plans to optimize vendor relationships.
This editable Excel workbook is designed to help you:
Define the key performance indicators for your vendors
Track vendor performance using a simple 3-point rating scale
Easily identify under-performing vendors and pinpoint the areas for improvement
We've built out the formulas and provided some sample performance indicators to get you started. All you need to do is adjust the rating criteria to fit your business. Then you're ready to start grading your vendors!