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22 September 2019

5 Tips to Get a Better Deal from Your Suppliers

We tend to stick with the suppliers we have at the going rate once we’ve started to do business with them. Sometimes, it may be because of familiarity, and in others, we might think that we won't be getting much of a better deal elsewhere. Unfortunately, this causes many businesses to waste money they could save if they simply negotiated with suppliers. Here are 5 tips for getting a better deal from your suppliers.

Sell Yourself
Look at your purchase history with the supplier. If you’ve been giving them repeat business or placed large orders with them in the past, sell yourself as someone giving them a lot of business and worthy of a volume discount. If you’re just starting out, use your sales projection plan to negotiate volume discounts from the very start.

Do Your Research
Another way to save money is using a search engine like Octopart to use data sheets & electronics reference documentation to search for alternatives to your current parts. You can then find compatible parts and note the price and performance specifications. Simply showing suppliers that you’re aware of better deals could lead them to bring down the price they’re charging you. Or, you can switch altogether if they’re unwilling to negotiate.

Negotiate Savings Wherever You Can Find Them
Suppose your supplier won’t consider a lower per item price. You can still negotiate on other aspects that affect your total cost. Perhaps you get them to give you free shipping or faster shipping without any additional charge. Or, you could ask for upgrades on customer service or your warranty.

You also could ask for a discount when you pay your invoice early or pay cash. You don’t have to pay 100 percent up front either. Your suppliers are probably as concerned about accounts receivable as you are, and they may offer discounts if you offer at least fifty percent of the purchase price up front.

Become the Customer Your Suppliers Want to Have
Do everything you can to be the best customer possible. Pay your bills on time. Be open and honest when communicating with them. Turn the business relationship into a partnership. They’ll be more willing to give you discounts if you aren’t a problem customer.

Actually Negotiate
The first rule of negotiation is to never accept the first offer. When they offer you something, counter-offer with additional demands. The worst that could happen is that they reject the additional demands and you’re left with the terms of their initial offer. If you don’t have any additional demands, you could respond with a request to get back to you with a better price.
You could save money by negotiating your current deals as well. Review your current contracts. You might be able to lower the cost by asking for them to remove features and services you aren’t using.

Negotiating with your suppliers doesn’t have to be an ordeal. In fact, you really can’t afford to not try to negotiate with them. However, you need to have a plan in place before you meet if you want to get the most out of the negotiations.
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