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Are You Conducting Regular Vendor Reviews?

 
  Mark S. Becker, Partner, CFO Edge, LLC  
   
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  Article Summary  
Multiple vendor relationships measured in years of partnership have significant impact on both expenses and bottom-lines for many small and mid-sized businesses.

Along with their benefits come a number of challenges. For example, there is the potential for them to be on “automatic pilot” or trend toward being more advantageous for one party or the other.

Vendor management best practices require that these relationships be scheduled for periodic assessments: regular vendor reviews reduce prices over the long term, mitigate supply chain risks and support more accurate financial planning.

Los Angeles and Southern California executives who are working with multiple vendors mid- and long-term can benefit from talking with a provider of outsourced CFO services.

A CFO partner brings the expertise and experience needed to determine which vendors have the greatest bottom-line impact, to compare current vendor features with those of competitors, and to participate in long-term contract negotiations that optimize price, service and risk levels.

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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