N is for NegotiationThe A to Z of Profit Growth – N is for Negotiation

 

It’s time for the next A to Z of Profit Growth… This week N is for Negotiation!

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KMA The A to Z of Profit Growth – N is for Negotiation

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Hi. Kim here with your next profit growth advice. N is for negotiation. A lot of people underestimate the power of negotiation. So I just want to point out how important it can be when it comes to contributing to your profit.
Your margins can be significantly increased just by having a quick conversation with your suppliers. Most of us are guilty of simply accepting a price provided without trying to negotiate a better deal for our business. If you just work a little harder to more deeply negotiate prices offered to you by your suppliers, both new and old, your profitability will be impacted in a big way, which in turn will have a terrific effect on your bottom line. So go on, evaluate your costs. See where you think you can be paying less and have the conversation with your supplier. It’s worth a try. You may be able to negotiate better terms by buying more, but only of course if you know you can use them and turn them into real cash in a reasonable timeframe.
Good luck.

 

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