How many of us actually sit down and have a business discussion with each of our vendors? I’m not talking about sitting down and buying. I am talking about having an open and honest discussion of your needs and goals and how that vendor fits into your marketing and inventory plans.
We highly recommend at least once a year to meet with every one of your vendors. The biggest vendor should be met with at 3-4x and the smaller vendor at least 1x.
Why- not only does it help to solidify the relationship, but you can be updated on new tools and products that can help you grow your business.
- Set business and profit goals and plans
- Staff productivity
- Marketing Tools available and Coop
- New Product review
- Review YTD and Same time last year
- Your challenges and problems/ problem solvers
- Growing Business Ideas
- Training Programs
Be Prepared- What you need to have
- Agenda of topics to be discussed
- Sell through analysis
- Vendor Profile Sheet (if you have one)
- Your Marketing Calendar and timelines
Close the Business Meeting
Get a commitment
Set up a plan/ goals for the next time period
Always follow up with a business letter of confirmed discussions and agreements.