To learn more — or join any one of 22 Vistage Network discussion boards — go to vistage.com/networks.
Case in point: Vistage member David Fitch, president of Fitch Lumber & Hardware, a centuries-old family business out of Carrboro, North Carolina
Fitch regularly participates in two Vistage Networks: Construction and Wholesale and Retail. He recently posted a request for input regarding the escalating cost of credit card fees, which had become his third-largest business expense.
The response was quick, relevant and comprehensive. Suggestions included building the credit card fees into his prices, offering discounts to those paying in cash or check, renegotiating with his credit card processor, and using different credit card processors. He even received an offer to introduce him to AMEX and PayPal representatives that were able to help another member.
Fitch learned that most businesses in his industry now treat credit card charges as “an adder,” like the builtin fee for the inevitable problem that arises or the random bad piece of lumber.
Getting input from 14 CEOs in my group is an awesome thing, but to also get perspectives from thousands of others around the world within hours is invaluable.
Fitch also has another advantage. Because many of the members in the Construction Network are general contractors, he gets added insight from his customers’ perspective. “GCs’ input helps me understand how my clients will react before I implement a change.”
“Getting input from 14 CEOs in my group is an awesome thing, but to also get perspectives from thousands of others around the world within hours is invaluable,” he says. “It’s much more relevant than a random internet search for generic solutions. The responses I get are custom-made for my business from people who face the same issues and who are willing to personally help me.”