|
MFW Social Posts
June 14, 2022
|
|
NEVER PUT ALL OF YOUR EGGS IN ONE BASKET. OR SHOULD YOU? Most of us were taught that if you use just one supplier, you’ll never get “the lowest price.” Well duh. Of course, that’s true! However, what do you REALLY want – what’s best for the organization – the lowest price or … 🤜 🤜 Lowest Total Cost of Ownership? There’s a BIG difference, you know. (especially when you’re NOT buying commodities, like critical transportation service with your reputation on the line) To illustrate, we’ll share a true story. Olivia – whose name we’ve changed to protect the innocent 🙂 – went to Manny’s Discount Electronics Emporium to buy her first big screen TV (um, Manny’s is also fictional, as you might have guessed) Olivia searched for weeks to locate the lowest price for her new 65” prize, so she felt proud driving home with her purchase. That is, until two weeks later, when the unit malfunctioned. Manny’s didn’t offer a service agreement. In short, she unnecessarily paid over $750 to get her new TV fixed. Had she paid a bit more elsewhere, she would have received keen advice, free delivery and set up, and an affordable service contract. Her Total Cost of Ownership would have been MUCH lower. Why do we embrace that basic concept in our personal lives, but not in business? Like, have you ever bought something because of a low, low price only to have buyer’s remorse later? 😔 👍 Would it surprise you to know that Toyota and Lexus each frequently work with a SOLE SUPPLIER for the majority of their vehicle’s parts? 👍 Or that Five Guys Burgers and Fries, a dominant darling in the Burger Wars, has just ONE PROVIDER for potatoes? If you’re looking to minimize total cost during these inflationary times – developing a long-term relationship built on loyalty and trust where business is awarded “beyond the price quote” – we’d like to speak with you. We are #mfw. |