SHOW & CHAPTER 25: BUILDING BETTER REALTIONSHIPS WITH YOUR SUPPLIERS - WILLIAM EASTMAN
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
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.
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.
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.
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.
Next Show/Chapter 29: Accounts Receivable
How to apply today's show to your business:
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