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Admin (Admin)
| | Posted on Wednesday, November 6, 2002 - 2:19 am: | |
Inc Article CLICK HERE
Besides applying for loans, consider going directly to your vendors for help. For suddenly cash starved companies, this can make available funds last a little longer as the business gets back on its feet. Peter Laughter, CEO of Wall Street Services, a temporary staffing company serving the financial services industry in the Ground Zero area of Lower Manhattan, took some swift steps to keep his business afloat. He immediately contacted his landlord and key vendors like his advertising agency, the office maintenance company, and the company's attorneys. "We sent a mailing out explaining our situation and stating that as a result we were going to require a 20% reduction on all current and future invoices for the next 6 months. We also stated that we were going to assume that these terms are acceptable if we did not hear back from them," Laughter explains, "We will see how it goes. Many vendors have called back to negotiate slightly better terms, but many were very understanding." Laughter was compassionate as well. Because his network support provider and his accounting software vendor have been so helpful during the crisis, he's planning to pay them, in full, on time. |
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