Keeping costs down

How do I negotiate better prices from suppliers?

Competition amongst suppliers is the biggest factor on their pricing policy. So keep an eye on the different suppliers in the market and what they are charging. Remember, however, that it does not always pay to buy the cheapest. In the same way that you are aiming to differentiate yourself from your competitors, so are your suppliers. Cost is important - but you may also want to consider the quality of the product or service, after sales service, reliability of supply, etc. But always talk to your suppliers about their prices - and be ready to change if their prices are too far out of line. You may find that you can get cheaper prices by agreeing to pay more quickly or by agreeing to a long-term supply contract. Your strongest negotiating position is knowing that you can go elsewhere for a lower price.