How can I negotiate a better contract with my supplier?

How can I negotiate a better contract with my supplier?

Start by researching market rates and understanding your supplier's position. What specific terms are you looking to improve?

I want to lower the price and extend the payment terms.

To lower the price, present data on competitor pricing. For payment terms, emphasize your reliability as a customer. Have you built a good relationship with them?

Yes, we've worked together for a few years.

That's great! Use that relationship to your advantage. Highlight your loyalty and discuss how a better deal could benefit both parties.

What if they refuse my initial offer?

Be prepared to negotiate. Consider offering something in return, like a larger order or a longer contract duration.