FAQ # 11 - How do we manage our vendors?
Advice - Vendors who supply services and products are an integral part of our team and Supply Chain. The impact of delayed collection is going to effect vendors and suppliers too. However if you think a bit out of box you will be able to manage this issue as well.
The other day I was visiting the next door vegetable market and it was about 12 noon, when the municipal corporation van was forcing the hawkers to close down. To my surprise these small entrepreneurs taught me something which changed my perspective about humans and their simple needs, they simply started exchanging their products on BARTER. Do check if you can do the same with your vendors to compensate.
One of my portfolio venture is providing shared premium cycle services on rentals and is worried about their marketing campaigns going for a complete toss, as they have to reduce cash outflow. We are now considering giving some of their assets (cycles) to social media influencers and blog writers without any rental charges, in exchange of their services for few months.
Similarly, HR recruitment firms can offer to provide free candidates and Tech Development firms can offer software services.
Let's coexist, support and survive, that's the new mantra!