Buying groups can be a really effective way for small businesses to compete with big-box stores. But sometimes they aren’t for everyone. If you’ve joined a group and you are ready to leave, then you have some things that you need to keep in mind to minimize the impact it will have on your business. … Read More >>
Having a viable purchasing program requires skillful efforts on two fronts, almost simultaneously. The first front is with the members of the group. Simply put, the group will need to get them rowing in the same direction in order to effectively negotiate with its vendors, the second front. In order for a purchasing program to be effective as to any given product line, several key elements must be present. … Read More >>
If you are looking to form a buying group, it’s important to understand a few things going in. Buying Groups, otherwise known as Group Purchasing Organizations (GOPs) or Purchasing Co-Ops, are made up of many independently owned businesses in similar industries. By coming together and combining your collective buying power, you can negotiate discounts with vendors that you couldn’t normally achieve.
Before you can start reaching out to people and asking them to join with you, it’s important that you understand the key selling points for belonging to a group, as well as how you plan to fund it. … Read More >>
Being a part of a buying group, or group purchasing organization (GPO), is a great way to increase your purchasing power while decreasing your cost per item. But many buying groups provide a lot of other benefits to their members. This includes discounts on the services you need to run your business, less risk, and a host of other perks. So let’s take a look at the pros and cons of joining a buying group so you can make a solid decision on whether you want to jump in or stay out. … Read More >>
Without question, marks used by a business to identify either its services (service marks) or its goods (trademarks) can be among its most valuable assets. Ironically, like goodwill, a value is seldom listed on the balance sheet of a business in connection with its marks. Nevertheless, the service marks and trademarks of a business are very much an integral part of its going concern value. One need only reflect upon the fact that a bottle of designer water with a prestigious brand name sells for substantially more than a generic container of water, even if they came from the same faucet, to realize the value of a trademark. Also, consider the fact that independent retailers are willing to give up six to eight percent of their gross revenues for the privilege of brand name identity that franchisors offer.
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