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.
Like this article? Share it with your friends
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.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
|
To learn more about the Evan Elite Author Program please contact us. |
 | |
|  |
Subscribe to Will's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Joint Ventures ebook Why Business Owners Quit Salesperson Selection Special Report The Evolution Of Networking |
|
 | ||
 |
Top 50 Raising Capital Blogs
Top Blogs To Watch In 2008 | |
 |
Top 50 SEO Posts - 2008
Top SEO Posts of the Year | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
|||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||