Adressing Cash Flow Issues With Your Vendors
photo credit: Randy Son Of Robert
All to often business people assume that when they are having cash flow problems that they are just automatically stuck, there’s no options for them, no way out until the situation just turns for the better on it’s own. This is a huge misconception on their part. There are always options available, and yes, some may be better than others.
OpenForum recently suggested talking to your vendors regarding your cash flow problems. They are human just as you are, so reason with them, be straight forward about your situation and see what options they may have in store for you.
Have a communication strategy. Now that you know what you want to achieve, think about how to express it. There’s no single surefire method. Again, it will depend on your relationship with the vendor. How do you normally communicate with them? Casually? Formally? By phone? Email? Face-to-face? Stick with what makes you – and your vendor – comfortable.
Putting your fears on the back burner as if they don’t exist will never solve the problem at hand. Be honest with your vendors. How much information you share with them is obviously dependant on the type of person you are and how well you know your vendor, that is a discretion entirely up to you.
RedHotFranchises on June 12th, 2009 9:23 pm
It is said that honesty is the best policy, unfortunately most people who say that are dishonest themselves, many people are honest only to the point where there is the possibility of being caught and when sanctions are applied without fear or favor. Such skilled con artists may only go so far to a certain extent. Honesty is the best way to establish your credibility and even if the profits are low, it will be greatly rewarding in the long run.
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