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Weekly Small Business Tip – Choosing Partners & Vendors

Weekly Small Business Tip – Choosing Partners & Vendors

Mistake #4 that many business owners make is Choosing partners based ONLY on price – To the extent you rely on vendors, partners, and services to deliver your product or service to your clients… what is your focus? Your first question to vendors SHOULD be “How Much?”… but not regarding the cost. Your focus should be on “How much money will this make for me?”. Service prices are often flexible, so consider cost against service levels which will help you make more money. For example, fast delivery, customization, etc. Service providers should also be able to review your business goals with you and create a custom service that helps you meet or exceed these goals. The same can be said when selecting a lending source when your bank says no; and the best ones have near bank rates (e.g., 12.99% simple interest) as well as bad credit cash advances, and other options in between.

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