From the course: How to Protect Business Profits in a Financial Downturn
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Renegotiating with vendors
From the course: How to Protect Business Profits in a Financial Downturn
Renegotiating with vendors
- I'm going to say something controversial here. You can renegotiate with your vendors. Most people don't think about this but most people can't even identify who their top vendors are. Do you know who your top 10 vendors are? If you don't, you're not alone. Most companies, big and small, don't usually think about who their top vendors are, and this is why looking at your spending is important. It can tell you who your top 10 vendors are in case you have to have those difficult conversations where you might need to renegotiate terms. For small businesses, this is particularly important because, if you're a small business, cashflow can get really tight really fast. And so, knowing those top 10 vendors, knowing who they are, being able to go back to them, could be essential to keep your business alive. A lot of times, there are contracts in place and no one looks at them, sometimes for years. They're signed, they're put on a…
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