The vast majority of businesses find that they have to negotiate with suppliers at some point. This could include suppliers for relatively small things, such as stationery, or for bigger things, such as items that are crucial to the manufacture of the company?s products. No matter what they are supplying, it?s important that both sides get a beneficial deal, which is where negotiation comes in. The first thing to think about when negotiating with suppliers is your goal: what do you want from them?
If you are hoping to achieve a mutually beneficial deal with your supplier, you should always do some research into them so you understand their company and its objectives. This is important as pushing them into a deal that isn?t good for their business could lead to a fall in the service quality or it could lead to them being unable to provide you with a service at all. This means you should find out how far they?re able to take their negotiations so both your interests are protected.
When you are due to start negotiations with your supplier, you should always have a strategy and a team. They should plan your arguments and come up with evidence to help prove your case. This can help when you are trying to persuade your suppliers of something. Also make sure the strength of your team matches theirs. If they?re sending their business director to deal with you, for instance, you should send someone comparable from your company to show you?re serious about the negotiations.
When you are negotiating, you need to do everything you can to make sure the process runs smoothly. Make sure it is as professional and efficient as possible so it all goes as well as possible. You should always be prepared to compromise with the supplier at some point, but don?t offer your compromise too soon. You might end up alienating the supplier if you ignore their concerns, so make sure you listen if they?re really reluctant to accept an offer you make.
Lastly, it is important that both you and your supplier are on the same page at the end of the negotiations or else there might end up being some misunderstandings. Go through everything and put it in writing at the end of the meeting. This will help you make your final agreement, which will then inform your contracts when the meeting is over. If you listen to your supplier, you might well end up with a better quality deal so it?s definitely worth keeping things open.
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Posted in Business | Tagged business, management, small business
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Source: http://thearticlecorner.com/business-negotiation-how-to-deal-with-suppliers/
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