Dealing Successfully With Suppliers And Advisors
Suppliers and advisors play a critical role in your business.
Having a good understanding with them ensures success for your business.
If they are aware of the vision of your company and feel satisfied in the association, they will go out of their way to make your business a success.
This article addresses some issues related to dealing with suppliers and advisors.
Let us first consider how to deal with suppliers.
Striking Successful Deals With Suppliers: When dealing with suppliers, price should not be the only deciding factor.
Low price is not very useful if the supplier does not deliver on time, has payment issues and delivers poor quality materials.
Here are some ways to negotiate successfully with your suppliers.
1)When dealing with them, keep in mind price, delivery time, payment mode, maintenance, quality and additional services provided by the supplier.
2)You need to understand how crucial your company's orders are for the supplier.
You also need to do a little research into the supplier's history; if other clients were satisfied with its services, or there was a history of delivery default, delayed delivery, poor quality material etc.
3)If you find out that your business is important for the supplier, negotiations will be weighed in your favor.
Be careful of driving a hard bargain though, as it can make the supplier resentful.
4)State your needs clearly, from price, quantity, quality to date of delivery, mode of payment etc.
5)The seniority of the bargaining teams should match, on the supplier as well as purchaser side.
Dealing with Advisors: Business advisors can point out the strengths and weaknesses in your business, helping you root out the flaws in your company.
In order to get the requisite knowledge and guidance from a business advisor, you need to negotiate with a positive frame of mind, and approach the advisor with an open mind.
1)Get a good idea of what you need from an advisor.
Then prepare a brief to convey this to the advisor, stating what you want the advisor to do.
Give details about your company, employees, targeted profits etc.
2)Decide how frequently you need to meet the advisor.
3)You need to decide whether the advisor is needed for a one-time project or you need her services more frequently.
4)If your business undergoes restructuring, you need to decide whether to keep the same advisor or hire another one.
Mutual understanding between you and your suppliers and advisors is essential for a good relation between you.
With the tips mentioned above, you can have a mutually satisfactory relation with your advisor and suppliers, and see your business grow rapidly.
Having a good understanding with them ensures success for your business.
If they are aware of the vision of your company and feel satisfied in the association, they will go out of their way to make your business a success.
This article addresses some issues related to dealing with suppliers and advisors.
Let us first consider how to deal with suppliers.
Striking Successful Deals With Suppliers: When dealing with suppliers, price should not be the only deciding factor.
Low price is not very useful if the supplier does not deliver on time, has payment issues and delivers poor quality materials.
Here are some ways to negotiate successfully with your suppliers.
1)When dealing with them, keep in mind price, delivery time, payment mode, maintenance, quality and additional services provided by the supplier.
2)You need to understand how crucial your company's orders are for the supplier.
You also need to do a little research into the supplier's history; if other clients were satisfied with its services, or there was a history of delivery default, delayed delivery, poor quality material etc.
3)If you find out that your business is important for the supplier, negotiations will be weighed in your favor.
Be careful of driving a hard bargain though, as it can make the supplier resentful.
4)State your needs clearly, from price, quantity, quality to date of delivery, mode of payment etc.
5)The seniority of the bargaining teams should match, on the supplier as well as purchaser side.
Dealing with Advisors: Business advisors can point out the strengths and weaknesses in your business, helping you root out the flaws in your company.
In order to get the requisite knowledge and guidance from a business advisor, you need to negotiate with a positive frame of mind, and approach the advisor with an open mind.
1)Get a good idea of what you need from an advisor.
Then prepare a brief to convey this to the advisor, stating what you want the advisor to do.
Give details about your company, employees, targeted profits etc.
2)Decide how frequently you need to meet the advisor.
3)You need to decide whether the advisor is needed for a one-time project or you need her services more frequently.
4)If your business undergoes restructuring, you need to decide whether to keep the same advisor or hire another one.
Mutual understanding between you and your suppliers and advisors is essential for a good relation between you.
With the tips mentioned above, you can have a mutually satisfactory relation with your advisor and suppliers, and see your business grow rapidly.
