Vendor Relationships
Vendor Relationships
If you simply order product and periodically review your vendor catalogs for new offerings, you're probably leaving money on the table.
Make contact with your vendor and find out who your rep is if you don't already know. Then, build a relationship with that rep. Once you have a good rapport, you'll find that it's easier to negotiate price on items you regularly order and you can have fruitful discussions about what other retailers are ordering and what exciting new products are coming soon. Remember, profit margins are at their best when a product is new or there is little competition. If you can get a new item first and be prepared with your marketing campaigns, then you can maximize your profits on each new line. As others get the item and begin competing on price, they'll gradually erode your margins. Work with your vendors to avoid this early on.
Also, many vendors are offering special financing terms during the downturn, so it can't hurt to ask what your vendors have available. If you can offset the cost of your inventory a bit, that's just smart management. Reducing your carrying costs increases your real profit.
So, take a look at your vendors. Keep the ones that are helpful and interested in making you successful. If you have to battle your vendors all the time, it's probably time to look for new ones.
Vendor Relationships - To learn more about this author, visit Will Atkinson's Website.
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Everybody has vendors, right? Right. But, not everyone is making the most of their vendor's potential.
If you simply order product and periodically review your vendor catalogs for new offerings, you're probably leaving money on the table.
Make contact with your vendor and find out who your rep is if you don't already know. Then, build a relationship with that rep. Once you have a good rapport, you'll find that it's easier to negotiate price on items you regularly order and you can have fruitful discussions about what other retailers are ordering and what exciting new products are coming soon. Remember, profit margins are at their best when a product is new or there is little competition. If you can get a new item first and be prepared with your marketing campaigns, then you can maximize your profits on each new line. As others get the item and begin competing on price, they'll gradually erode your margins. Work with your vendors to avoid this early on.
Also, many vendors are offering special financing terms during the downturn, so it can't hurt to ask what your vendors have available. If you can offset the cost of your inventory a bit, that's just smart management. Reducing your carrying costs increases your real profit.
So, take a look at your vendors. Keep the ones that are helpful and interested in making you successful. If you have to battle your vendors all the time, it's probably time to look for new ones.
Vendor Relationships - To learn more about this author, visit Will Atkinson's Website.
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