Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners. These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.
What type of support are you getting from your inventory suppliers to help sell their products? Many business owners don’t understand that they are helping suppliers create a market for their supplier’s products. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. I used to make sure I got from every supplier number 1, advertising money, number 2 manufacture’s rep at big sales events, number 3 special close out purchases to help promote the product line, 4, mark down money to remove small merchandise and 5, special terms to stretch cashflow. Communication is the key with your vendor. You don’t get what you don’t ask for. And so remember, the most successful business owners know their numbers.