When I blogged my earlier post on Suppliers, I received a great comment from Pierre Martell, the CEO of Martell Home Builders in Moncton, Canada, that I want to share with everyone. Their mission is to build customized homes in 99 days on budget. Their website is their primary selling tool. To accomplish this, they use a network of subcontractors. As a start up in a very competitive industry, Pierre quickly realized how critical the performance of his suppliers was to his success -- thus his 100% agreement with my supplier post. So to attract maximum supplier cooperation over his competitors, he came up with what I think is a simple but brilliant concept. I know from experience that the single best action you can take to be a great customer to a supplier is to PAY YOUR BILLS ON TIME. Read more »
Don’t Overlook Your Suppliers
Don't overlook your suppliers--they are hidden assets and can help your business grow. Your approach to suppliers needs to be part of your strategic plan since almost every company, whether product- or service-oriented, is dependent on suppliers. Many business owners seem to get this supplier issue backwards. They think that because they write the order, they're in the dominant position and can exploit it with unreasonable demands, including personal perks. Let's get this right--you need good and reliable suppliers. When you find them, treat them like gold. Read more »
FACTORS: How They Can Help Your Cash Flow and More
Factors finance $120 billion in receivables, yet most small and start-up businesses are not aware of them. Business schools rarely acknowledge them. However, they can alleviate your cash flow problems. They can loan you or advance you money against your receivables and in some cases against your inventory. In other words, your receivables are an asset that the lender (Factor) purchases. Read more »