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What Can I Do When Vendors Suddenly Change Their Terms?

What Can I Do When Vendors Suddenly Change Their Terms?

The Ask an Entrepreneur series features YEC members' experiences in entrepreneurship in a Q&A format.

Question: What Can I Do When Vendors Suddenly Change Their Terms?

I have been working with the same set of vendors for a while now, and my budget is set up to account for their prices. But recently, I’ve seen sudden increases in costs. How can I save my budget?

Meet our Entrepreneur: Simonetta Lein, Social Media Entrepreneur, Ausonia Partners

Simonetta Lein is a lifestyle social media entrepreneur, fashion icon, writer, and millennial activist, ranked as one of the top 100 fashion influencers in the world. Simonetta is a brand ambassador, co-founder of Ausonia Partners LLC, and founder of The Wishwall Foundation.

Answer: Explore New Options and Negotiate

Recently I had some collaborators and vendors suddenly increase their prices. At first, that scared me, as I had a long relationship with these people and was not prepared for such a drastic change. This situation was upsetting and not easy to face, but I challenged myself.

I activated two fronts: I started searching for new collaborators, and I started negotiating. I learned to be firmer when possible, but also more flexible.

For one situation, I was able to quickly find a new solution with a new vendor. As an unexpected result, I was able to think creatively and save some of my budget.

With another vendor, I found a middle ground, which was acceptable for both parties. I was not afraid to negotiate, and this compromise ended up working in my favor.

Being in business challenges you to become more resilient and stronger, going beyond your comfort zone so many times. That is why I encourage you to become an entrepreneur, as you’ll end up growing personally much more than expected.

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