Get better deals from suppliers

At Stein Richards we can provide businesses in the Paddington area with assistance and advice on a wide range of business issues. Here are some thoughts dealing with suppliers...

Are you reluctant to discuss your successes and failures with your suppliers? Do you worry that if they knew the facts they might change their perception of you and offer less favourable terms?

The truth is that most suppliers would prefer you to be frank with them and would be happy to work with you to adjust orders and deliveries accordingly. After all, they want your continued business and that depends not upon your buying more but upon your buying smarter.

Sit down with them as 'partners' and try to work out an arrangement that benefits both parties. Try to identify:

  • Products you can order in larger volumes in exchange for volume discounts
  • Orders you can discontinue because you can buy more cheaply elsewhere
  • Ways to revise delivery schedules to reduce your stock keeping costs
  • Opportunities to share marketing or promotional costs
  • Ways you can exchange information to improve efficiency at both ends

When it comes to building a market and servicing it, you and your suppliers are on the same side, so build a relationship with them that reflects that.

In a period of economic difficulty or uncertainty, remember that suppliers might raise their prices, so try to negotiate a long-term discount with them.

If you are in the Paddington area and are looking for support and help from experienced accountants and business advisers, contact Stein Richards.

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Stein Richards Limited registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. We use cookies on this website, you can find more information about cookies here. Stein Richards, 10 London Mews, Paddington, London W2 1HY