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How To Lower Costs And Build Quality Relationships With Vendors

by StuMcLaren


Vendors and fulfillment are critical to taking your product or service from concept to cash. These could be graphic designers, they could be web programmers, they could be fulfillment houses, they could be CD duplicators. There are all kinds of different types of vendors that you may come across in your business. Here are a few tips on how to build a quality relationship with these people and cut back on your fulfillment costs.

To get started, you can send them recommendations and referrals. I try and do this with anyone I work with because if I am able to give them more business, the value of my relationship with them goes much further. It changes the way they view me now because not only do I give them the business I use them for, but also the people I associate with. I will become more favorable then most clients. What you really have to look at is how you can benefit your vendors quickly and easily - giving them referrals is a great way to start.

Joint venture projects is something else I have done with my vendors in the past. An example of this is when I worked with a graphic designer on a product. She did the graphic designer element, I put together the product and did the marketing side and then we split the profits.

Just like that I saved myself a ton of money! The costs for a graphic designer were gone and when I was first starting out I used this strategy a lot because I simply didn't have the money to put down for elements like that.

Some people will think, "If I split the profits with someone else, I'm going to loose a big chunk of money!" Time out. Personally, I think that it is better to actually get your projects completed, making some money, rather than not have any completed and not be making any money.

If I wasn't willing to work on building that relationship with that vendor, that project would have never been completed. If I didn't get that project done I would be making no money from it. Instead that project would remain in the pile of possible ideas, bringing in no profit.

You really have to push your creativity when you are on a tight budget. Joint ventures is a creative idea I have used more than once. Web developers is another vendor I have used this strategy with.

Another tip to save money that I have learned over the course of using vendors is to have as much work done ahead of time. By doing this you are cutting down on the time and effort your vendor needs to use on your project. You can even ask your vendor questions, like, how could you decrease they're effort, reduce your overall costs, etc. Vendors will answer these for you, they want to work with you. Everyone has a budget to work within and vendors will be willing to help you stay within it, they are always interested in your business and will help you meet your goals.

My last tip for now is instead of creating a completely new project design everytime, create a template to use. This way you can use it over and over again without having to pay your vendors again to do the same work. I'll tell you more about it in detail.

Let's say, for example, you were looking to develop an E-book. Rather than asking the graphic designer to do a specific layout just for that E-book, why don't you hire the graphic designer to create a template for which you can use for any E-book that you generate?

Even though this may seem like a different approach, it will save you tons of money in the long run. For your graphic designer its about the same amount of effort, but saves you money. This is just another creative idea on how you can build quality relationships with your vendors but also save yourself a lot of money.

In this article, I've outlined a few really quick and easy strategies that can help you build stronger relationships with your vendors and fulfillment companies while saving your money. Many more strategies will come to you once you really start thinking about it.

Ideas will come to you when you explore the possibilities of creativity!

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