Episode E4.005 Upgrade vendors/suppliers and relationships

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe. 

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

1. Follow other users including the OnAir Talent and Executive Team at the station.
2. Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
3. Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
4. Start discussions to stimulate input from other members of the Community.
5. Create and vote in Community polls.
6. Post and comment on posts and blogs.
7. Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?
Have a great business week.
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Listen>Apply>Engage
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Show Objectives - The Why
Every business is the same and every business owner wants to be successful. With that in mind, how can you create strategic partnerships with your vendors and suppliers to create as many win-win relationships while protecting your cash flow? ​Cash is King in your business right now and your main role as the business owner is to look for ways to keep it flowing. Your business depends on it. 

Key Issues - Owner Perspective:

1. Improve management of cash 
2. Cleanup late accounts
3. Renegotiate better terms for quick pay
4. Renegotiate better terms for late pay 
5. Negotiate use of vendor space to store inventory

What You Need to Know - The What
Every decision you make right now needs to focus on getting the best deal possible. Ways to do that is by negotiating better quick pay, longer terms (one week can make all the difference) and looking for ways to find “lost” revenue by revisiting late accounts and improving your cash management. Your numbers on paper are not necessarily an accurate reflection of your cash flow. Applying lean principles and frugal cash management could mean the difference between saying goodbye to your business or growing to the next phase. 

EPISODE B.015 LEAN IT UP NOW!
EPISODE B.001 PRINCIPLES OF LEAN THINKING
EPISODE B.005 THE DISCIPLINE OF LEAN
EPISODE B.004 MUDA OR WASTE

What You Need to Do​​ - The How

1. Know your numbers in every area of your business. You can’t monitor what you don’t know. Put your CFO to work if you have one. If not, consider hiring a fractional CFO to get your numbers straight so you have an accurate picture of your company’s profitability.
2. What accounts do you have that are still outstanding? Focus attention on collecting past due accounts and mine the cash that is owed to you.
3. Apply Lean principles to all areas of your company. What cuts can be made in costs of materials and/or production in order to free up much needed cash flow?
4. Create strategic partnerships with key players in your vendor and supply chain. Who is willing to offer the best deals like longer repayment terms, better prices for fast payment or storage of inventory until it is needed?
5. If you take out commercial credit, look for ways to pay early vs. paying on time in order to improve your credit score. 
6. “A bird in hand is worth two in the bush.” Understand the time value of money. Present value is the concept that states an amount of money today is worth more than that same amount in the future. What can you collect on TODAY? What can you keep TODAY? One week can make all the difference when it comes time to dole out payroll. 

Shows

• Previous: EPISODE E4.004 FOCUS ON MONOPOLIZING TARGETED NICHES
• Next: Episode E4.006 Start Management by Meeting - new owner/ceo role of tracking progress and results from MBO

written by Donna Kunde