Vendor Negotiation: Maximising Value Without Burning Bridges

Vendors are partners, but they’re also businesses trying to maximize their profit—often at your expense. CEOs who excel in vendor negotiation strike the perfect balance between value and relationship.

Here’s how to get more from your vendors:

• Ask the Right Questions: Vendors won’t always disclose their best terms upfront. Push for clarity on discounts, extras, and hidden costs.

  
  

• Leverage Competition: Even if you have a preferred vendor, let them know there’s competition. It keeps them honest.

  
  

• Negotiate Beyond Price: Terms like payment schedules, warranties, and service agreements often hold more value than a discount.

Vendor negotiation isn’t just about cost-cutting. It’s about building partnerships that drive long-term success.