Tier 5 Checklist

Hello, and welcome to this module, the Tier 5 Account Blueprint. So we’re going to start taking immediate action. So there’s two things I want to cover with you. First, number one, how to negotiate better terms, and then number two, the tier 5 vendor list. So the first thing we want to do was making sure, make sure with our current vendors, we are negotiating for better terms. Number one, we just want to identify those vendors that we’ve already done. And we can do that with our sheet. Number two, we want to understand their business. We want to understand how they work. What’s their, what’s their main business. What’s their main function and then be proactive. So we want to be early and upfront with our communication versus being reactive. Number four, we want to make sure we’re negotiating better terms when we don’t need it. And we want to start building relationships with the vendors, you know, take their calls, reply to their emails, set up conference calls.

If you can learn more about their business and figure out how you can work with them to become more profitable. And then see if you can renegotiate that information or those lender relationships you have. Figured out there’s a win-win, right? So when you’re approaching these, don’t come out arrogantly. Figure out what you can bring to the table in exchange for better payments or what would be good for them. You also want to make sure, for example, more generous terms could allow you to increase the order volume that you send your customer and you say, Hey, look, I can send customers your way or whatever the case is, but make sure you attempt to make it a beneficial situation. Number five, aim, high prepared to settle. So be reasonable. All right? So it’s not a big deal. Like for example, I applied for, originally for the Home Depot card, I’ll put it in the application $30,000 and then it said call for review.

And then I was just being nice. The young lady that was on the phone with me and she said, well, you know, I can’t necessarily do a $30,000 because that’s in a different risk department. But if you do anything below $25,000, then I can, you know, potentially look into it. So I said, well, let’s do under, So she said, look, she said, because of the amount to transfer you to another department. So just out of curiosity, what’s the amount that you can approve or that you guys do in this department? Well, we, we can do up to $25,000, so I said, alright, let’s just adjust the application. So I know I applied for $30,000. Let’s do let’s do $25,000. Okay? And then, she said, okay. And then put me on hold and then transferred me to another department. They ran everything and said, Hey, look, I know you asked for $25,000 but based off where you are right now with your credit, we can only offer you $15,000.

I said, fine, can I go back and request a limit increase once I’ve been approved? She said, yes. So we’ll, let’s go and lock this approval there right now. Because I don’t want to go to the higher risk department first and then risk not being approved for a higher line. I’d rather get that line locked in now at $15,000, then go back and apply for a higher line because I can show that I have other lines of credit with other banks with, you know, 25, 30, 50, 50, you know, 50, a 100, $200,000, in that different department. So exactly. So what I’m saying to you is, is make sure you, you know, aim high, but be okay with settling, be honest and show that you have credibility, make sure you’re talking to the right person, right? Don’t just talk to a random person, make sure you are talking to someone who can make a lending decision and then make sure you’re making your payments with your business checking account and your business card.

So that way this is going to give your business more credibility. And if you need funds fast, have backups ready. So essentially what I’m saying is, is you don’t ever want to go cashflow control is the biggest thing. Profit first, there’s your backups right there. And then look for vendors, new vendors to work with and negotiate with those vendors based off what you’ve been approved for in the past. Okay? So right below, you’re going to find in tier 5 vendor list. Now you may be surprised to find some fleet and secured business cards that you actually use at other stores like traditional cash credit. So as long as you follow the instructions, you should be able to secure at least five more vendors without a problem in tier 5. So Tiger Direct is one you can look into. Another one is Macy’s. Now this again, you may have already done, but you’ll be trying to get a revolving account with them. Costco. So these are three and then there’s, there’s some others right here. So I’ve so right below this video, you’ll see the vendor lists. And then here is the name of a company, right? And you can apply for at least five of these as well, and get these accounts established with these particular vendors and you’ll be off to the races. So get this knocked out, take action. And I’ll see you in the next module.