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Vendor Improvements
Written by: Will AtkinsonArticle Overview: Vendors can make or break a retailer, or at least be a part of either the winning or losing team. Make sure to optimize your vendor interactions to save time and money.
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Free Download - Staffing needs in the Holiday Rush By Will Atkinson |
Vendor Improvements
Are you getting the most out of your vendors? We've discussed using vendors to trim up front costs and to source the appropriate items for your store, but what about the actual job of sourcing those items?
Do your vendors leave all the work up to you? Do they make item recommendations and help you actively find competitive new items?
Does your main vendor have a minimum order amount? Does this requirement force you to order once per week, or even less often? If so, it's probably time to look around for a better source. Retailers need to be fast and flexible, and this includes active cash flow management. If you have to make a large order every week or two, you're probably overstocking your shelves for daily purposes, simply to cover that long interval.
Ordering more frequently will help you be more flexible with what you stock, and it will reduce your average carrying cost on inventory, freeing up cash flow for advertising, etc.
Work with your best vendors to see what they can do to help you in this regard.
A vendor should be more than just an order taker. Be sure that yours are.
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Article Tags: carrying cost, cash flow management, interval, job, minimum order amount, order taker, regard, shelves, stock
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Re: Ideas For Business
- Lucy,
Visit ttc.ca for info on the Vendor license to operate on TTC Property only. If you plan on not operating on TTC property you will not need this.
I would recommend Nathan Philips on Friday afternoons to catch the Lunch time crowd - Tell me when you plan on performing - I will attend as i work right beside Nathan Philips.
I forgot about Yonge/Dundas Square - This place is packed everyday during lunch and after work hours.
I can attend to watch you there 'cos I work close to that area as well.
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