By Kelly Flynn, National Director
Last Thanksgiving weekend (from Thanksgiving Day through Black Friday and Cyber Monday), more than 174 million Americans shopped in stores and online, spending an average of $335 per person. They saved maybe $50 here or $100 there. And that’s great for families buying gifts for the holidays; but when it comes to your financial institution, you can do better. Much better. We’re talking up to seven-digit savings over the life of your vendor contract(s). All it takes is some expert contract negotiations—made easy by someone else doing most of the work for you.
The Art of Negotiating
With our years of experience negotiating with bank and credit union vendors, the JMFA Contract Optimizer staff has an upper hand in the negotiation process. Where you may not know what the very best deal is or what concessions and “extras” to ask for, we have a database full of this precise information at our fingertips—and our experts know the vendors and their contracts inside and out.
Perhaps you want to stay with your current vendor and keep things professional to maintain a pleasant relationship. We helped one client do just that, renegotiating with its current vendor for a 14% savings over the previous contract.
Or, it’s possible you’re not sure if you want to continue with a vendor. We can get the vendor’s best offer plus help initiate the request for proposal (RFP) process with other trusted vendors, so you can compare offers before making a decision. (We have also done this with great success during mergers and acquisitions, where the new entity has to decide between two overlapping vendors.)
Or, maybe you’re not sure you even want to renegotiate with a vendor. That’s quite alright! We’re happy to provide a free evaluation to give you a projection of just how much we can save you on any or all of your vendor contracts.
What Would You Do With Big Savings?
We love to score you the very best deal, leaving you with savings you can spend or invest in a number of ways. We frequently find 6-digit annual savings for clients, but let’s be very conservative. Imagine you save $50,000 in a year with JMFA Contract Optimizer services. With that money, you could:
· Take a staff of 20 out to lunch for 200 days
· Purchase 33 high-quality laptops
· Buy 100 top-of-the-line ergonomic office chairs
· Implement a company rebrand or a multi-channel marketing campaign
· Host an amazing office holiday party AND a great account holder appreciation event
· Invest in service upgrades for your account holders
· Make a difference with a charitable contribution to a non-profit in your community
· Send several employees to industry events across the nation
The list goes on, of course—$50,000 can do a lot. And remember, that’s a conservative estimate compared to what many of our bank and credit union clients have seen.
What’s the Risk?
Unlike the possibility of getting bruised and battered during your Thanksgiving weekend shopping trips, with JMFA Contract Optimizer, there is no risk! Our services are 100% contingency based—if we don’t save you money, you don’t owe us anything. It really only takes about 20 minutes or so to get the ball rolling with a free analysis of your service contracts, and we think you’ll be astounded by the results. Take that, Black Friday!
To learn more about uncovering savings opportunities by renegotiating your service contracts contact Kelly Flynn at Kelly.Flynn@JMFA.com or call 800-809-2307.
ABOUT THE AUTHOR
Kelly Flynn is a national sales director for John M. Floyd & Associates (JMFA). She has more than 15 years of experience working with community credit unions and banks of all sizes. Kelly is focused on helping her clients achieve their strategic goals by optimizing the value of their third-party vendor contracts or agreements.
ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
For the past 38 years JMFA has been considered one of the most trusted names in the industry helping community banks and credit unions improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving your account holders better or delivering a 100% compliant overdraft program—JMFA has the right solutions to help you not only meet, but exceed, your goals. We are proud to be a preferred provider among many industry groups. To learn more please contact your local representative or call us at (800) 809-2307.