By Forbes Finance Council, Forbes featuring By JC Abusaid, CEO/President
Negotiating efficiently with supply vendors is paramount to a company’s success in ensuring customer satisfaction and maintaining a healthy bottom line. Supply vendors play a pivotal role in providing the essential materials and resources that enable your business to deliver quality products and services. Consequently, honing your negotiation skills in this realm is vital to maintaining a competitive edge in today’s fast-paced market.
Below, Forbes Finance Council members explore different strategies to streamline negotiations with supply vendors. Utilizing these tips can help secure the best deals and foster stronger, more collaborative relationships with vendors, ultimately contributing to a business’s resilience and growth.
1. Be A Resourceful Customer
Ask the vendor what issues they face in meeting the demand of fulfilling on behalf of their customers. Perhaps you may have a resource for your supply vendor who will now look at you as not only a customer but also a resourceful customer. Companies are run by humans and humans are always willing to go the extra mile to assist customers who are also resourceful. Bring this to the table. – Karla Dennis, Karla Dennis and Associates Inc.
2. Ask Questions
We end each call with every vendor the same exact way, and in many cases, they recognize it and will come prepared with an answer. “Is there anything else we could be doing or using that would save us money on this each month?” – Bradley W Smith, Rescue One Financial and Simple Path Financial
3. Communicate Goals
Consider the long-term perspective and refrain from automatically choosing the least expensive vendor. Instead, efficiently negotiate and look at qualitative items like alignment and conflict of interests. If you are strategic and effective in communicating your goals, the bigger picture can appeal to both parties and you’ll set yourself up for a long-term symbiotic relationship. – John Abusaid, Halbert Hargrove