Every business owner wants to see their ideas come to life and grow. If you’ve started your own business, your goal should be consistent success and growth for years to come. You should always want to take that next step and be bigger and better than you ever thought you could be.
Unfortunately, growth takes time, and it can often take quite a bit of financial investment. On average, even a microbusiness takes around $3,000 to start, while a home-based business can take around $5,000. If you want an actual brick-and-mortar location with employees, it could cost over $10,000 to get things going.
While there are plenty of ways you can cut costs, one of the best ways to reduce your expenses each month is to work with your suppliers/vendors. By forming positive relationships with them, you can find different ways to save money, negotiate, and get the best price for the things your business needs on a regular basis.
With that in mind, let’s look at some of those negotiating tips.
1. Let Them Know You’re Going to Be Using Them A Lot
If you can convince your suppliers that you’re going to be using them for a lot of your business, they will start to see dollar signs. There is nothing vendors love more than a consistent customer they can depend on for monthly income. If you can show them that you’re planning on making purchases each month, they may be willing to work with you on lowering the prices of some things.
2. Encourage Competition
There is nothing wrong with a little healthy competition between your suppliers. Do some shopping around, and let your vendors know that you’re looking at other options.
Or, suggest to them that you might be doing your own shopping for things like bulk printer ink, paper, or other supplies. If there is any way they can give you a better price to avoid losing you as a customer, chances are they will make it happen.
3. Be a Good Customer
Again, forming a strong relationship with your suppliers will always help you to get the best deals because they will value you. They will enjoy having you as a customer and will want to keep you around.
So, make sure you’re kind and fair to your suppliers. Pay your bills on time, don’t complain about your orders, and don’t be afraid to get to know the people you talk to on a first-name basis. Suppliers that feel as though they have a connection with you and your business won’t raise prices on you, and they may even be more willing to give you special deals when they come up.
No matter what type of business you’re running, you will undoubtedly have to work with multiple suppliers or vendors to get the things you need on a regular basis. Keep these tips in mind to save money as much as possible, and to negotiate with those vendors for better prices and opportunities to save.