You’ve eliminated the extras. You’ve reduced inventory as much as possible. And you’ve trimmed overtime. Is there anything else you can do to cut costs? Possibly. You can consider renegotiating your contracts with vendors and suppliers and talking with your landlord about your lease.

Not Business as Usual

Everybody’s feeling the pinch these days. So why would vendors or suppliers renegotiate? Because they stand to benefit from helping you keep your business going. If that point is lost on your vendor partners, don’t hesitate to make your case, loud and clear.

Before you begin negotiating, think about what you’re willing to bring to the table. If your account is always paid on time, perhaps you can offer to pay sooner or pay by cash or check in exchange for a price concession. A supplier may also be willing to negotiate to avoid the possibility that you might start a relationship with a different company.

Nothing Ventured, Nothing Gained