What
do they call it, expensive lessons you don't want to learn. Many times
in business you have to be prepared to shift directions or revamp
business models. On this blog, I teach about small changes for big
results. The best lesson and least expensive is to be agile and flexible
enough to shift course when things aren't working. It's when you get
stuck in a mode or method and become inflexible, costly mistakes don't
get resolve any sooner.
Let's
apply that to a vendor relationship. Say you're working with a vendor
who no matter what happens (hidden fees are largely the culprit), what
they say they're going to charge you and the actual bill never adds up --
and it's never in your favor. What do you do? Keep accepting
unacceptable business practices because maybe they've been your go-to
vendor? Maybe you feel stuck with them for whatever reason?
Do you just
keep paying the bill that perhaps eats your small net profit margin? No,
you take small steps to either confront the vendor or change vendors.
You start with the small step. Confront the vendor. Question the
invoice. Hidden fees are culprits for eating your profits. If the vendor
refuses to change or compensate you, do you give them another chance?
No. If the vendor accepts responsibility, do you give them another
chance? Yes. If they do it again then you change directions and find
someone else (ever heard of fool me once shame on you, fool me twice
shame on me?). Accepting the unacceptable takes businesses down a road
toward reduced margins. It's not smart business. And one small phone
call should determine your choices to change directions.
