Making Moves (and Saving Cash)

Time to put your strategy hat on.

When was the last time you negotiated with your vendors?

Just having one conversation can unlock profit in your business right now.

You’ll want to approach your current and most expensive third-party suppliers.

Honesty is the best policy in this process; let them know that you’ve shopped around, but that you’ve appreciated working with them (if that is the case).

This is a relationship – make sure they know that you want to continue this partnership for a long time, and simply ask if there is anything they can do with the price.

(This assumes that you have a healthy relationship with them, which I believe is always a good way to do business. Kindness can be practical when you need it to be.)

If you have a contentious relationship with your landlord or suppliers, then you will probably need to seek competitive bids before trying to negotiate. You only have leverage in that relationship when you have the ability (and maybe even the desire) to walk away. You’ll find out how important to them you really are.

The bottom line: if you and your suppliers both need each other, then you can come up with a new win-win scenario.

This is from Trail 2 of Profit Hiker: 11 Trails to gain lasting elevation in your business. Find the book right here and the program over there.