Don't vendor partners just want to be loved? And what better way for you to love them? During this economic slow-down, ask them how you can cut your costs with them.

You all know this family mobile phone service scenario. Your family runs up a ton of extra minutes of usage (maybe from text messaging!), you freak out over the bill, call the provider - who then calmly agrees that you're spending way too much and how your plan can be exchanged for one that costs far less. And by the way, you're due for a free phone upgrade.

Imagine if you or your team called up your top 10 IT suppliers and partners and asked them for suggestions to help you reduce your spending with them by 10 per cent or more. They lose revenue near term, but they retain a happy client who will want to do more when the economic clouds lift.

So what do you do for them in return for when they helpfully drop a price or suggest some other way for you to save? You recommend them to others, provide them with a success story they can use, agree to expand your relationship with them when your business picks up, introduce them to execs in another part of your firm.

In the meantime, there are plenty of other ways to cut costs. And even more compelling, maybe use the money you save with vendors, and actually invest!