We select our store locations. We select our staff. We select the merchandise to carry; and along those lines, we select our vendors. 

 

But, selecting the correct vendors – in addition to managing these vendors during the selection process and beyond – can often be the difference between making your store profitable or simply providing real estate for the vendors to sell their goods. 

 

So… raise your hand if you have ever conducted a thorough Request for Proposal (or RFP) for your vendors.  Anyone?  Truth be told, not many have to the extent that you evaluate multiple vendors, creating competition for space in your store. 

 

In this episode of Gray Cat Unleashed, I highlight the key elements of a Request for Proposal.