Comments on: Retailers…we need to have a talk. http://alwaysupward.com/blog/retailers-we-need-to-have-a-talk/ Success only runs one direction.... Wed, 16 May 2012 17:26:21 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Vicki http://alwaysupward.com/blog/retailers-we-need-to-have-a-talk/comment-page-1/#comment-303 Vicki Wed, 25 Mar 2009 20:30:28 +0000 http://alwaysupward.com/blog/?p=1695#comment-303 Email has also worked great for me. I talk to the vendor once on the phone, get their email, and then I email them with the payment status, and I email them a payment confirmation. It is fast, and keeps them updated. I also ENCOURAGE my vendors to contact me anytime they want an update. Even though my credit has taken a hit, I still am flowing product. Email has also worked great for me. I talk to the vendor once on the phone, get their email, and then I email them with the payment status, and I email them a payment confirmation. It is fast, and keeps them updated. I also ENCOURAGE my vendors to contact me anytime they want an update. Even though my credit has taken a hit, I still am flowing product.

]]> By: Ann http://alwaysupward.com/blog/retailers-we-need-to-have-a-talk/comment-page-1/#comment-290 Ann Tue, 24 Mar 2009 10:12:34 +0000 http://alwaysupward.com/blog/?p=1695#comment-290 I agree wholeheartedly with Karen's post. I closed my store last Saturday and am re-opening in a new location April 10th. I have three weeks of downtime--with no revenue coming in to pay for the thousands of dollars of merchandise I need to re-open. Luckily, I have two fat bank accounts from previous sales but I have to manage this very carefully to pay for start up costs at the new location. So, for the numerous orders I received early that are just sitting there in unopended boxes, I have called the vendors and asked if they would engage in some creative thinking around invoicing--asking for net 30 from my opening day or to compromise somewhere in the middle. All the vendors I have spoken to have been very understanding and so far it's worked out in my favor. I SO APPRECIATE their willingness to work with me, and will not be a day late with the payments I have negotiated. I did most of my buying for this new store at the Atlanta show in January. Many of my orders arrived too early, even though I called the showroom asked them to get in touch with the vendors they rep to change some of the ship dates. I would of called the vendor directly, but some of my orders were with new vendors and I didn't have their phone numbers. I agree wholeheartedly with Karen’s post. I closed my store last Saturday and am re-opening in a new location April 10th. I have three weeks of downtime–with no revenue coming in to pay for the thousands of dollars of merchandise I need to re-open. Luckily, I have two fat bank accounts from previous sales but I have to manage this very carefully to pay for start up costs at the new location. So, for the numerous orders I received early that are just sitting there in unopended boxes, I have called the vendors and asked if they would engage in some creative thinking around invoicing–asking for net 30 from my opening day or to compromise somewhere in the middle. All the vendors I have spoken to have been very understanding and so far it’s worked out in my favor. I SO APPRECIATE their willingness to work with me, and will not be a day late with the payments I have negotiated.

I did most of my buying for this new store at the Atlanta show in January. Many of my orders arrived too early, even though I called the showroom asked them to get in touch with the vendors they rep to change some of the ship dates. I would of called the vendor directly, but some of my orders were with new vendors and I didn’t have their phone numbers.

]]> By: Karen http://alwaysupward.com/blog/retailers-we-need-to-have-a-talk/comment-page-1/#comment-274 Karen Sat, 21 Mar 2009 20:40:21 +0000 http://alwaysupward.com/blog/?p=1695#comment-274 Cinda, I know from past experience that this is the ONLY way to deal with vendors if you are in danger of being late on payments. You cannot imagine how easy it really is to do, once you just pick up the phone. Start with talking to the person you know best in the vendor's Accounts Receivable or Accounting Department. All they really want to know is that you are trying your best, that you know you will owe them money and that you intend to pay it as soon as you can. Tell them WHY you will be late, WHEN they can expect either full payment or partial payment, tell them WHAT you are doing to try to remedy the situation, and that you APPRECIATE them and all that they have been doing as a partner with you in your business. Tell them that you will give them weekly (or monthly or whatever is appropriate for the situation) updates on your position. Remember that in situations like the ones in which we find ourselves today, "all you can do is all you can do" but showing that you are making the extra effort to get it all done is worth millions! Cinda, I know from past experience that this is the ONLY way to deal with vendors if you are in danger of being late on payments. You cannot imagine how easy it really is to do, once you just pick up the phone. Start with talking to the person you know best in the vendor’s Accounts Receivable or Accounting Department. All they really want to know is that you are trying your best, that you know you will owe them money and that you intend to pay it as soon as you can. Tell them WHY you will be late, WHEN they can expect either full payment or partial payment, tell them WHAT you are doing to try to remedy the situation, and that you APPRECIATE them and all that they have been doing as a partner with you in your business. Tell them that you will give them weekly (or monthly or whatever is appropriate for the situation) updates on your position. Remember that in situations like the ones in which we find ourselves today, “all you can do is all you can do” but showing that you are making the extra effort to get it all done is worth millions!

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