Don’t shy away from asking for a better cost price from your suppliers, even if you have been working with them for many years, don’t just assume, you already get the best deal you can, because you may not!
To strengthen your bargaining power try to establish your competitors selling and cost prices if possible, if you cannot get costs at least get the sales price, it will allow you to make some judgements about margin etc ready for your negotiations with your supplier.
Use all your market information to its maximum potential to assist you in reducing your buying price. If you cannot manage to get price reductions across the board on all your products, at least target your most popular selling items and get a reduction on those.
The paradox of insular language
7 months ago
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