This qualitative study explores the challenges and strategies involved in supplier relationship management (SRM) in Bangladesh, focusing on the unique factors that influence the dynamics between companies and their suppliers in a developing market. In-depth interviews were conducted with key stakeholders from 55 companies across various sectors to gain insights into the difficulties they face and the approaches they adopt to manage supplier relationships effectively. The study identified several critical challenges, including issues with trust, communication barriers, regulatory complexities, and compliance-related difficulties. Companies often struggle with inconsistent quality, delayed deliveries, and lack of transparency, which undermine the foundation of trust in supplier partnerships. Furthermore, communication issues, such as language barriers and technological limitations, exacerbate the challenges in managing supplier relationships, while the regulatory environment adds another layer of complexity. To address these challenges, firms in Bangladesh have implemented various strategies, such as local supplier development, performance measurement, and risk management practices. By fostering closer relationships with local suppliers and incorporating performance metrics, companies aim to enhance supplier reliability and improve operational efficiency. Additionally, risk management strategies, including supplier diversification and stockpiling, have become essential to ensure resilience and mitigate potential disruptions. The study contributes to a deeper understanding of SRM in a developing economy, offering practical insights for businesses to navigate the complexities of supplier relationships and build more resilient and sustainable supply chains.