How to get the best rates from suppliers

Suppliers are in business to make money so they may not simply offer you their best prices immediately. In order to get the best prices from your suppliers you should bear these tips in mind;

Shop around – do your research and compare prices with several suppliers, this will give you a good idea of what is a fair price.

Negotiate – speak to suppliers and ask them if they can offer you a better deal. If you see it cheaper else where ask your preferred supplier if they can match or beat that price.

Increase sales/order volumes –  the more you order or buy from your supplier the more value they will see in retaining your business and therefore they will be more inclined to offer you better pricing.

Pay on time ­– If you do not pay your suppliers in a timely fashion as per your agreed terms they will not feel inclined to help you by offering better pricing and may even choose to stop supplying you.

Maintain a good relationship – Talk to your suppliers on a regular basis, if they like you and you build a long term relationship that is mutually beneficial they will be more willing to offer you a better deal.