Empower Your Business with Deal Management in Vendor Negotiations

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all right on this week's episode of 52 tips on how you can save money in your business we're going to talk about something that everybody has and that is we all buy something from somebody who are our suppliers who are our vendors who are giving us these things what i want to talk about right now is supplier and vendor negotiations the best relationships that you can have with these folks are ones that are communicative and mutually beneficial but let's think about what this does if you go out and you can buy in bulk and you can get a discount of two to five percent chances are you're going to increase your profitability anywhere from 15 to 30 percent yeah you heard me right a two to five percent change on your vendor on your suppliers could change your profitability by as much as fifteen to thirty percent so it's worth going and talking to them are there ways that you can pay them quicker to get a discount are there ways that you can extend terms you don't have to pay so fast but still get some kind of a discount almost always it's better to get a discount and pay early than pay late so think about what can you do what kind of relationship can you give them what benefit can you give them in order to get that discount so that you can improve your profitability