How to Deal With Suppliers.

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A big part of being a business owner is dealing with suppliers. Negotiating deals, talking to suppliers about volume, and generally getting to know the best suppliers in your area are all a part and parcel of making your business a better success. It takes thought, skill, and a lot of diplomacy to pull it off, especially because supply costs are one of the biggest costs associated with running a business. 

It doesn’t matter whether you are looking for a supply of regular chairs for an event, or you are looking for a supplier of printer toner cartridges, you need to make sure that you are communicating well with your suppliers so that you can deal with them in the best way. So, with this in mind, here are the best ways for you to deal with your suppliers.

Photo by Towfiqu Barbhuiya
  • Make sure that you are communicating effectively. You need to have good supplier relationships if you want the best prices and terms for the equipment that you are buying. Focusing on your communication skills, you’ll be able to have a better relationship that is more personal with suppliers. This can often lead to you having the best rates, and it can also help if you ever need to have an extension on an invoice. By being attentive and responsive in your communication, you will build a much better rapport with all of your suppliers.
  • Remember that you are a customer. In dealing with your suppliers, you are a customer of what they are offering. Yes, they are supplying your business, but it means that you are the one paying. Just because you’re a business owner doesn’t mean you can treat other people badly, so negotiate and make sure that they know that you are someone who will come back repeatedly if you are given good service. Equally, you need to give them great service, too.
  • Where you can offer larger deposits. Suppliers appreciate large deposits when it comes to orders. If you are ordering toner ink, calculate what you need for the year, and then bye for two years. If you know that you’re going to need a supply of paper, do the same. Many businesses will get cut price discounts when they order in bulk, and there are suppliers out there who prefer it when people order in bulk as well.
  • Remember that it’s all about personality and not all about money. When it comes to negotiating with suppliers, you have to remember the relationship you have. You can be as professional and standoffish as you like, but that’s not going to win you any friends and friends or what you need when you negotiate. If you want a bigger discount or you want a lower price point, build that relationship and work on that before you start approaching for money.
  • Always pay your invoices on time. If you want to impress suppliers, you need to make sure that you are that business that pays on time every time. If you can pay your invoices early, even better! When suppliers start accepting your terms, and they stop presenting counter offers, it means that they are willing to close a deal with you and that’s what you need. Good relationships are crucial in business.

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Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com