Have you ever wondered how bad vendors stay in business? They screw up, kick you while you’re down, over-promise and under-deliver…it’s a long list. Then they want your money. If you’re like me, you’ve just about had it with these guys. Let’s teach them a lesson. Here’s how to make sure that your vendors and suppliers will never rest easy again.
After all the vendor shenanigans you have to put up with doesn’t it just chap your back end when they send you an invoice? Do you look like an ATM? Vendors need you a whole lot more than you need them. Make them chase you down and specifically ask you to pay your rightful debts. In the advanced course we teach more sophisticated techniques like “claiming you didn’t get the invoice” and “I’ll need more supplies on credit to help me raise the cash” but for the time being just start with paying your difficult vendors when you’re damn good and ready.
Any vendor worthy of your business sits by the phone just waiting for you to call with a last-minute rush job that requires lots of special accommodations to hit an unrealistic deadline. You need to constantly make sure that your vendors can do exactly that. Don’t provide them any projections or forecasts (you don’t need those thrown back in your face when you don’t hit THOSE targets) and keep them guessing. Treat any of their inquiries into your plans like an unwelcomed effort to stick their nose in your business. The less they know, the better.
Sometimes a vendor will pin you down and force you to give them some response to a forecast request. OK, if that’s the way they want it, fine. Your job is not only to be overly optimistic about your forecast, but to leverage that big fat lie as a vehicle for negotiating lower prices to reward you for being such an important future customer. They will then purchase extra inventory to meet your made-up projected demand and will have to give you FURTHER discounts to make you actually take down a small part of what you told them you would need in the first place. Vendors love this.
Play vendors off against each other
Most importantly — no matter what you do — don’t develop a trusting mutually beneficial relationship with a vendor. Make sure that they know you’re willing to throw them to the curb whenever the mood strikes you. Flaunt the attention that competitive vendors are giving you and use angst-building phrases like “I’m not sure how much longer I can justify doing business with you”. Spread your money across lots of disparate vendors, thus avoiding anything akin to a synergistic, mutually beneficial relationship. You’ve got a dog for that.
Trust me, these work.
Business is tough. Hang in. If we can help you, just let us know.
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Whittle & Partners is a consulting group that provides EOS™ Implementation in the United States and beyond. We offer in-person and online solutions to fit your business and schedule.Visit our about us page to learn how and why we love bringing Dallas Traction.
Jeff Whittle is a Certified Dallas EOS Implementer.
Meet the Founder
Jeff Whittle founded and launched Whittle & Partners in 2011. Before that, Jeff practiced law in Dallas for 15 years and has an additional 20 years of executive business experience. He has run businesses ranging from startups to 300-employee operations.