Get better deals from suppliers

Name: Lawrence Grant LLP, Chartered Accountants
Address: 23 Berkeley Square, London W1J 6HE, United Kingdom, London, W1J 6HE, United Kingdom
Telephone: +442088617575
Price range: $
Rating: 4.6

How to negotiate with suppliers while keeping good relations.

At Lawrence Grant we can provide businesses in the Harrow area with assistance and advice on a wide range of business issues. Here are some thoughts dealing with suppliers...

Are you reluctant to discuss your successes and failures with your suppliers? Do you worry that if they knew the facts they might change their perception of you and offer less favourable terms?

The truth is that most suppliers would prefer you to be frank with them and would be happy to work with you to adjust orders and deliveries accordingly. After all, they want your continued business and that depends not upon your buying more but upon your buying smarter.

Sit down with them as 'partners' and try to work out an arrangement that benefits both parties. Try to identify:

Products you can order in larger volumes in exchange for volume discounts
Orders you can discontinue because you can buy more cheaply elsewhere
Ways to revise delivery schedules to reduce your stock keeping costs
Opportunities to share marketing or promotional costs
Ways you can exchange information to improve efficiency at both ends

When it comes to building a market and servicing it, you and your suppliers are on the same side, so build a relationship with them that reflects that.

In a period of economic difficulty or uncertainty, remember that suppliers might raise their prices, so try to negotiate a long-term discount with them.

If you are in the Harrow area and are looking for support and help from experienced accountants and business advisers, contact Lawrence Grant.

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Get better deals from suppliers