Date Added: May 2010
The author suggests not to make decisions based on short-term gains; look beyond the value of individual transactions to the long-term relationship. "If you focus on the lifetime value of the customer, you'll be more willing to write off a small loss, knowing you'll win more in the end". Focus on long-term relationships with vendors, as well. "Most similar, seasonal businesses buy product from 40 to 50 vendors. Monitor expenses in real time, for the long-term and short-term view.