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The Benefits of Establishing Strong Vendor Relationships

 
  Mark S. Becker, Partner, CFO Edge, LLC  
   
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  Article Summary  
Viewing vendors as partners and consistently seeking win-win outcomes help deliver the many benefits of strong vendor relationships.

Even in successful long-term relationships, periodic vendor reviews are needed to assure that your functional requirements are being met and that your expected overall value is being delivered.

A second key element is finding the right balance in structuring accounts payable activity. While longer payment terms can increase working capital, improve cash flow, and decrease the need for short-term borrowing, negotiations must also address vendor needs to assure both parties benefit.

Focus on three areas in vendor reviews and manage accounts payable to avoid three pitfalls to bring win-win outcomes with vendor partners.

An outsourced CFO services provider can be a valuable vendor relationship resource for executives leading greater Los Angeles and Southern California businesses.

Experienced as both a former enterprise CFO and as an advisor on vendor partnerships to multiple businesses, an on-demand CFO brings a comprehensive understanding of payment types and terms, as well as understanding of the concerns and goals of your company and of your vendor partners.

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