| During my time owning my own retail store, I | | | | Pick the vendors that are important to your |
| always felt at the mercy of my suppliers. I would | | | | business and start working on those relationships. |
| place orders and hope they came in on time. | | | | Talk to them openly about your business needs |
| On too many occasions important orders came in | | | | as well as theirs, then try to create some |
| too late... | | | | "win-win" situations for both of you. Here are |
| And it meant lost sales. Sometimes significant | | | | some ideas: |
| amounts of money. And it was maddening! | | | | - If the need immediate cash flow - Ask for |
| STAY ON TOP OF THE SHIPPING STATUS OF | | | | deeper than normal discounts if you pay in 15 |
| YOUR ORDERS. | | | | days. |
| When my wife, Susan, came to work with me | | | | - They want to maintain margins? Ask for longer |
| and started to do the buying, she proactively | | | | extended dating if you pay full price. |
| managed the relationships with our vendors. | | | | - If they are carrying too much inventory - |
| She got on the phone with the vendors to check | | | | Check on overstocks and ask for unbelievable |
| projected ship dates, to complain and cajole if the | | | | deals (better than sale price) on these items if |
| stuff we needed was not shipping on time, and to | | | | you also buy a certain amount of regular priced |
| cancel orders that were not going to arrive in | | | | merchandise. |
| time to sell through. | | | | - Give them your projected stock needs if they |
| The squeaky wheel gets the grease and it is your | | | | give you priority allocation and shipping. They |
| responsibility to speak, squawk, and do anything | | | | avoid over manufacturing and you get all the |
| necessary to make sure you have best sellers on | | | | merchandise you want before your competition |
| your shelves when your customers are ready to | | | | does. |
| buy. | | | | - Always let them know if your payment will be |
| Now is a great time to work hard at creating | | | | late so they can be proactive about their cash |
| close and personal relationships with your vendors. | | | | flow. You and your vendors need each other in |
| Remember, their sales are down and their | | | | order to make it through the difficult times ahead. |
| inventories are up, too! | | | | Start now to build your most important |
| THERE IS POWER IN PARTNERSHIP | | | | partnerships. |