I’ve been reevaluating my vendor partnerships recently, especially with the rising costs of materials. While it’s crucial to maintain good relations, I’m finding that our margins are tightening. How do you all navigate that tightrope of keeping vendors happy while also ensuring we’re getting the best prices?
This drives me nuts too! I’ve been renegotiating terms with some of my vendors, especially when I notice costs creeping up. It helps to be transparent about how tight margins are getting — sometimes they’ll offer a better deal just to keep your business.
It’s tough finding that balance! I try to show vendors how we’re prioritizing their products to keep them engaged. Have you explored volume discounts with anyone?