Required by businesses is a strategy with your suppliers. Without suppliers, no business can function.
You have to be careful as suppliers have many interests. Some of these interests are not in your interest. Still, they have a vested interest in helping you market more products. They tend to be much more informed about your products, market, and competition then you. Much of your success depends on them. Yet before you can plan an SRM, you need to find exactly how important each supplier is to your business.
Here is a quick and effortless way to get this, which will take a few seconds.
Go to Cash register reports> Sales - Stock > Supplier Stock Sales for a Given Period.
Now, although there are many options there, let us keep it simple for the first run. Pick the last financial year and let it rip.
You will get a very detailed summary report of sale details by the supplier in a few moments.
As a rule, I suggest you look at the largest few in the quantity column as these suppliers are bring in the customers.
Also look at the largest few by profit as they are paying your bills.
Now readers go for it and let me know what you find out!