With such high stakes, having the right tools is crucial. Taking even one thing off an overloaded plate can help immensely, increasing efficiency, and reaping benefits across the board.
One of the least efficient parts of an operations manager’s job is finding the right service providers and managing both the relationships and deals. Word of mouth is still the primary source of new service providers, but how can you really know who to trust? Vetting vendors and properly investigating their history is time-consuming. And even once you’ve found the right vendors, you have to circle back, to compare deals to make sure you are getting the most out of every dollar.
Doesn’t it seem like there should be a better way? The VC world is a relationship-built industry, shouldn’t the relationships you’ve built do the heavy lifting for you?
This is the very reason many top firms are turning towards the custom community marketplace that Proven provides. Firms such as NEA, Redpoint, and Sierra Ventures have all found success in building their marketplaces and allowing them to cross-pollinate and flourish on their own.
Curious why so many top firms are building their own community marketplaces? Below are the top 5 reasons the industry is going all-in on Proven:
Everything is up to date and at your fingertips. No more searching out deals to try and make your investment go farther. With Proven The vendors bring the deals to you, right on your marketplace homepage.
Vendors can see who has been searching their profile or their vertical, and reach out with offers. Pick the deal you like the best and be confident that the provider is already vetted and approved by your VC firm.
As vendors build their profiles within Proven, their track record can allow them to reach out to other marketplaces on the platform for inclusion, thus increasing internal competition from reliable service providers. Let Proven do the vetting for you!
The best deals from the best vendors. Always. Give your portfolio companies the best chance at success by extending their runway while maximizing your investment.
Track your deals and discounts, giving you a running tab of how much money you are saving your firm. Finally, all the information that proves the value-add you are providing, in one, easy to navigate, place. Can you say, Bonus?
In the VC space, finding every advantage is vital to continued success. Find your advantage with the relationship-built community that Proven offers.
In spite of these challenges, and regardless of what the 2024 economic temperature and marketplace volatility have in store for the business world, your firm can take proactive steps to address them and greatly improve the overall efficiency, compliance, and cost-effectiveness of the vendor relationships your firm and portfolio companies deal with.
There are many ways your private equity firm can improve vendor relationships. From setting clear KPIs to implementing vendor management software, the right strategies can help you make informed decisions and rise above the competition in a changing market.