Grace, Author at blog - Page 2 of 5

Browse Author: Grace

How to Get Better Rebates from Your Vendors

Get better rebates from your vendors

In a retail setting, rebates serve as a way to get consumers to buy a product on the spot, knowing they’ll get their discount sometime down the line. In procurement, they’re a little different. Rebates serve as a way for sellers to meet buyers in the middle during negotiations.

In the procurement world, cost reduction represents a huge portion of the strategy. Suppliers lean on rebates as a way to lock buyers in. If buyers switch suppliers, they might get a better price up front, but they lose the rebate down the line — which in some cases, may represent more significant cost savings.

Continue Reading

How to Know if Your Business Will Be Around in 10 years

Business will be around, business built to last

Whether you’re just starting out or running an established operation, odds aren’t in your favor. Over 70% of small businesses fail before reaching their 10th birthday.

Businesses fail for all sorts of reasons. In the beginning, getting beyond the startup phase is no small feat. Businesses face cash-flow problems or fail because of poor budget planning. Companies succumb to stronger competitors and customers have no incentive to remain loyal.

Continue Reading

The Cost Iceberg

Cost iceberg

There’s this concept called the Cost Iceberg, which refers to the idea that like an iceberg, the total cost of an order might not be evident at first glance.

The iceberg is an oft-used visual metaphor, especially in the realm of spending.

Continue Reading