Discuss options with vendors
March 24, 2020
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POINTS TO CONSIDER
- Affirm your commitment to meet all of your obligations in the long run – you just need help to get through this period.
- No one wins if your business becomes insolvent.
- Make sure you contact a decision-maker at the vendor. Normally, the accounts receivable managers will have little leeway to adjust or manage terms.
- Consider extending contracts as a quid pro quo for lowering or delaying payments.
- Offer to update the vendor on your situation on a regular basis.
- When the business returns to a more normalized environment, make sure to remember the vendors that helped you in your time of need. Thank them. Refer other businesses to them.