Credit Crunch and You

October 7, 2008 at 5:22 pm Leave a comment

Most of us probably think about the credit crunch in terms of how it affects our personal finances or our employer.   Jason Busch over at Spend Matters recently posted a bit about how the credit crunch might make you more interested in your supplier’s credit status than your own.   

His point:   Even strong suppliers can be caught in credit tightening.   You probably don’t want to lose access to your preferred suppliers due to tightening credit.   So with a litte proactive creativity on your part, you might be able to help your suppliers and yourself.   For example, early payment discounts could save you a bit and get cash in hand to your supplier faster.   Also, if you can sign a contract for new orders, rather than relying on a PO, might give your suppliers an edge in negotiating with their banks.  

See the full posting here:   Act First Before Your Suppliers Credit Lines are Taken Away

The foundation of credit is trust.   Underneath the credit crunch is a loss of trust.  Now is the time to use the tools at hand to reinforce the trust you have in your vendors.

Entry filed under: Know Your Vendor, materials management.

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