Schmoozing Your Suppliers For Sweet Spring Inventory Deals

There are many ways to maximize profits. A sound advertising strategy that lures customers into your store is an obvious one. Perhaps, just a little less obvious is your ability to get the best pricing on the inventory you buy from your suppliers. Negotiating prices is essential. Therefore, schmoozing your suppliers can help you secure great deals.

Do you have a good relationship with your suppliers? What can you do to get the best possible inventory pricing during the forthcoming spring season?

Build genuine relationships.

If you go into the relationship-building game strictly with turning a profit on your mind, you won’t be genuine. Growing authentic connections with those who help you to run your business is essential to its growth and success. Take the time to get to know your suppliers personally. Show an honest interest in their businesses. It’s a good idea to attend industry events, trade shows and networking functions to establish and maintain your connections.

Streamlining communication in supplier relationships is crucial, says Jul Domingo of Inventoro. “Look for a channel where you can share plans, send updates, exchange files, and place orders in one place,” she advises, “Some communications apps you can consider are Slack, Wire, and Google Workspace…Update suppliers with your plans and strategies. Ask for feedback. And above all, be aware of potential cultural differences to avoid misinterpretations.”

Provide constructive feedback.

Part of being genuine is offering honest feedback to your suppliers about their products and services. Be sure to tell them what you really like about their offerings. However, don’t be afraid to let them know where there may be room for improvement. Suppliers appreciate feedback and may be more willing to negotiate pricing if they see you as a trustworthy partner.

“Performance can’t be the best all the time and there is always room for growth,” notes Elizabeth Lavelle of Enable, “When an open dialogue exists about where and how to improve, and you can mutually solve these problems together, trust forms in your supplier relationship. To nurture that trust and loyalty, make your suppliers feel like they are a part of your business rather than just a source of goods or services.”

Show your loyalty.

Loyalty counts for a lot, no matter the industry and no matter the relationship. It’s important to show your suppliers that you value their companies. Make clear that you don’t have any intentions of going anywhere else. Place consistent orders and pay your invoices on time. Suppliers will be a lot more likely to offer you better pricing and deals if they recognize you as a reliable and loyal associate.

Don’t forget to express gratitude to your suppliers for their business and support. Send thank you notes, small gifts or tokens of appreciation. A little gratitude can go a long way in building positive relationships with your suppliers.

Could your company use some funding to secure large inventory orders?

For many years, clients of Synergy Merchants have utilized our unique merchant cash advance program to help them order new inventory for their suppliers. If you need to stock up for spring, please don’t hesitate to call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!