Vendors Can Make or Break You
If you’re an entrepreneur just starting out on a new business venture, chances are you’re going to need a business to regularly provide you with goods or services. How would you go about finding a good vendor? Michael Marsan, an Entrepreneurship instructor at Fairleigh Dickinson University says “You have to do your homework. You want to find out what differentiates suppliers.” He recommends looking for vendors at trade shows, in magazines and on industry-association websites. He also advises networking with other entrepreneurs for referrals. He notes that calling competitors outside of your geographic area is a good way to find reputable vendors.
As a new venture, you may not have the clout to strike credit or preferred customer deals with vendors. But offer to pay them ahead of schedule to negotiate a better price. Or, ask for a higher credit fee to buy extra time to pay off your bill.
Source: You Are Only as Good as Your Vendor
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