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4 Ways to Get the Best Deal From Your Vendors

Key Takeaways

  • Learn about the trends in your vendor’s industry to uncover savings opportunities.
  • Consolidate the number of vendors you use to access better pricing and/or service.
  • Respectfully ask vendors for their best pricing or extra service.

Every business needs quality vendors to succeed. Managing these partners proactively can enhance your relationship with them and help you keep costs in line.

Take these steps to gain more value from your vendor relationships:

1. Understand market pricing

While it may seem obvious, the more you know about the market for your suppliers’ offerings, the better equipped you’ll be to negotiate the best rate. For example, you might discover that new technology is lowering production or barriers to entry, which can open the door for better pricing or add-on services to keep you happy. The internet provides easy access to trade publications and industry association news.

2. Consolidate your vendor list

For many businesses, working with a small list of suppliers has become a permanent cost-saving tactic. A shorter vendor list streamlines ordering, payment, and account support. Consolidation can also make your business a bigger piece of your vendor’s pie, which could translate to better rates and service.

3. Probe for savings

You might be surprised by the deals that are available if you ask. Research shows that 89% of people who requested better prices received them at least once. Inquire about volume pricing, discounts for upfront payments, and other price breaks. You may also be able to negotiate contract length to gain flexibility or lock in rates.

4. Think value, not price

Gaining more from vendors isn’t always about reducing the size of the payment you make. Add-ons like free extended warranties on mission-critical equipment or express shipping may be the best way to get more value from a vendor.

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