Partner With Your Vendors

• Negotiate rebate programs. If you’re just a little short of your target margin on an item or category, and the supplier can’t shave any more off the price, a great way to get a better cost of goods is to negotiate for a rebate when hitting a certain volume level on the product or overall spending increase with that supplier. Suppliers often love this because they know it motivates you to hit those levels and spend more money with them. It’s a win/win for both parties. (Don’t forget to manage it well, and remember to collect your rebate.)