10 Ways Entrepreneurs Can Reduce their Supplier Costs
Presented by FreeEnterprise.com, Tim McEneny shares tips for reducing costs in your small business.
The typical entrepreneur is too busy to get three quotes from different suppliers for each good or service needed to launch their business. This is the best practice of larger public companies and government agencies that have purchasing or procurement professionals on staff. If you don’t have time to do this, utilize one or more of the ten negotiating tactics above to reduce your expenses.Here are ten negotiating tactics entrepreneurs can use when negotiating pricing with suppliers:
1. Ask if they have some flexibility on their price and payment terms. Remember the old saying, “If you don’t ask, you don’t get.”
2. Let a supplier know you intend to use them exclusively if they can meet your needs. Share your long-term vision with them and indicate they can receive more business from you in the future.
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Tim McEneny is the author of Unlocking Your Entrepreneurial Potential: Marketing, Money, and Management Strategies For The Self-Funded Entrepreneur. An entrepreneur and an innovator, he co-founded PurchasingNet Inc. in 1982 and developed the first Windows-based and first web-based automated purchasing software.