Meaning ● Lean Vendor Strategy, within the SMB context, represents a business approach to strategically optimize vendor relationships, minimizing waste and maximizing value through streamlined processes and automation. This strategy is crucial for SMB growth, particularly when implementing new technologies or scaling existing operations. It involves careful vendor selection, contract negotiation, and ongoing performance management, ensuring vendors align with the SMB’s specific needs and contribute to operational efficiency. In essence, it promotes agile adaptation to market needs by eliminating overspending.
