with Domenic De Giorgio, President Investments Hardware Ltd.Being a purchaser myself, I know exactly how volatile times can affect your decisions when it comes to buying. The unstable Canadian dollar, the cost of raw materials, and discouraging news from the global economy concerning a credit crunch, can create some buying uncertainties. Albeit, if I have learnt one thing in the last 25 years, it is the fact that markets are cyclical and you and I, have to go on and make a living during the good as well as the not so good times.
A couple of years ago when the signs of market slowdown started to surface, I implemented a number of changes on how IHL does business. Given where we are in the chain supply, I felt responsible to mitigate the affect of a volatile market by absorbing some of the aftershock created by unsavory new market realities.
Entirely with our customers in mind, we drastically adjusted how we conduct business. Some of the first steps we implemented to make sure the market instability will not jeopardize our customers’ ongoing and future projects were to:
· develop a comprehensive forecast system
· make our purchasing decisions in consultation with our clients
· utilize IHL’s purchasing power to leverage pricing
· define and contract selected vendors who are willing to go the distance with us by relating to and prioritizing our clients demand
· negotiate contracts that are favorable for our customers in terms of cost and time of delivery
· streamline our own processes to lower inventory and administrative costs
· provide better logistical support to customers with advance booking incentives
Here at IHL, we are going to positively use this time to reach out and further assist our customers. I can personally discuss potential issues that may arise and help plan for your particular business needs. This will be extremely useful to younger businesses that have not yet experienced the ups and downs of the industry.
Come visit us at Investments Hardware and we’ll ShopTALK.
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