Negotiating with suppliers is a crucial part of business and is important to get right. whether you are negotiating over something vital, such as items that you need to manufacture your key products, or something quite small, such as a stationery contract, it is important you both feel you have got a good deal. This is why negotiation is important. you should always know your goal before you start so you can be clear about your aims before the process gets underway.
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.
Before you start the negotiations with your supplier, you should make sure you have a strategy and a team to handle things on your behalf. Your team should be roughly comparable to their team. for example, if they?ll be sending their business director to talk to you, you should send someone of a comparable level to show you?re serious about negotiating. you should also plan your arguments and put together evidence to help prove why your position is worth listening to, or else they might be hard to persuade.
Your negotiation procedures should be both professional and efficient. This will make things as easy as possible for both of you and could help your position. you should always listen to your supplier?s concerns and, if they?re really reluctant to accept a deal, find out why so you don?t alienate them. you should also be prepared to compromise but don?t show your hand too soon or else you might lose out on a better deal you could otherwise have achieved.
One final thing to think about is the end of the meeting: make sure you go through everything with the supplier to make sure you?re on the same page. Listening to them can help as they know what they?re talking about and so you could get a better deal. always make sure anything you agree is put into writing as soon as possible so you can then create a contract for the services offered. Hopefully, this should keep everyone happy and lead to a good deal for you both.
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Business Negotiation : How To Deal With Suppliers
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Source: http://www.business4noobs.com/business-negotiation-how-to-deal-with-suppliers/
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