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SHOW & CHAPTER 25: BUILDING BETTER REALTIONSHIPS WITH YOUR SUPPLIERS - WILLIAM EASTMAN

16/5/2022

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It is critical to select quality suppliers that will provide excellent payment terms - great savings from early payment and the ability to go beyond 30 days. This is part of your brand association - it is just as important to have great suppliers as it is to have marquee customers
Show Objective
Given our shows on Supplier Value Added, you will create a plan to renegotiate terms with your best suppliers, pay off the transactional relationships, and find better alliances.

EPISODE 117: Summary
Accounts Payable (AP) is an account that represents your obligation to pay off a short-term debt to creditors or suppliers. Accounts Payable and its management is a critical business process through which an entity manages its payable obligations effectively. Building business credit is essential to provide an excellent fund resource that will not require giving up ownership.

Topics:
  • AP Best Practices
  • Get Right Budget
  • Renegotiate New Terms

EPISODE 118: AP Best Practices
In Show/Chapter 10 'Supplier Value Added' we covered what type of alliances are the most beneficial and can move beyond just transactional relationships. Today we are going to drill down on the best practices that will help in both selecting suppliers and how to better manage your AP function.

Topics:
  • Value Map the workflow and remove any inefficiencies or friction in the process
  • Automate everything possible and make it as paperless as possible
  • Put in access controls. One of the places where employee embezzlement takes place
  • Prioritize payment based on cash flow, due date, and impact on credit
  • Renegotiate payment terms - we will deal with this element in the next episodes

EPISODE 119: Get Clean and Create a Get Right Budget with Suppliers
Given our current economy, there is still time to get right before the freight train of a contract hits. The key here is to fix it before you are under duress. Don't wait another day.

Topics:
  • Determine number of +30 day accounts
  • Create a budget or "get right" plan for every supplier consistently over 30 days
  • Renegotiate your deals especially all COD requirements and early payment discounts
  • Add up all of the early payment discounts and COD reductions - consider this found money, add to the "get right" budget
  • Proposal Example
    • Determine number of +30 day accounts
    • Create a budget or "get right" plan for every supplier consistently over 30 days
    • Renegotiate your deals especially all COD requirements and early payment discounts
    • Add up all of the early payment discounts and COD reductions - consider this found money, add to the "get right" budget

EPISODE 120: Renegotiate New Terms
Once you have got right or in the process of getting right with a plan that has demonstrated your follow through, it is time to elevate the relationship to where it is a win-win for all the parties. If during the process it becomes apparent that the relationship can best be described as a one-way street, get right with that supplier and move on.

Topics:
  • Understand their business, brand, their sources for materials
  • Will they price match with competitors
  • Pay in advance to start the relationship
  • Make your AP processes fit their accounting processes
  • What does a good deal look like?
    • Discounts on purchases
    • Flexibility in payment terms - duration, fixed vs variable
    • If in a different currency - look in rates

Next Show/Chapter 29: Accounts Receivable

How to apply today's show to your business:
  • Leave Comments for the show
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  • LinkedIn Private Group - IBGR Growth Community
  • Download the APP
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      • Donna Kunde
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      • Catalytic Conversation$
      • Exitology
      • The CFO Perspective
      • The Entrepreneur's Edge
      • The Smart & Savvy Business Exit
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      • Business Econ for a Post Pandemic World
      • Economics For Owners
      • Employee Capitalism
      • Money Matters
      • Practical Solutions to Difficult Problems
      • TurboCharge Your Business
      • Your Money Machine
    • HR / PEOPLE SKILLS >
      • Business and Beyond
      • Business Processes & People Talk
      • Equipping Others
      • Staff It!
      • Success Can Be Fun - With Focus!
      • The People Side of Business
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      • Leveraging Inspiration
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      • Get You Noticed!
      • The Referral Guy Interviews Your
      • The Magnetic Voice
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      • Entrepreneurial Mindset
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      • Guidance To Wealth
      • The Hero Within
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      • Lead Lean
      • Pencils & Pistons
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      • Processes Under Control
      • The Ralph Peterson Radio Show
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      • Serving Up Sales
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      • Adulting In My Purpose Business Edition
      • Building Startup Operations
      • Creating A Consulting (Improvement) Business
      • How To Start A Consulting Firm
      • Survival Mode
      • The Geriatric Entrepreneur
      • Your Business 2.0
      • Z Gen Entrepreneurship
    • STRATEGY >
      • #OwnrLife
      • Better Your 4 U
      • Build Your Core for Dynamic Partnerships
      • Grow It!
      • How to Avoid Becoming the 80%
      • How To Become the Top 5%
      • How to Move Beyond the 15%
      • Living the Life .. On YOUR Terms
      • Own It!
      • ReImagine Your Business
      • The Business Owner's Bookshelf
      • The Self Managing Organization
      • Tenacious Top of Mind Business Insights
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