A slower economies means people are hesitant to spend their hard-earned dollars and use more time looking for bigger discounts. Risk is more commonly used to avoid losing than for a potential gain. Businesses who are eager for sales will be quick to drop their prices to make sure they don’t miss out on any opportunity. While it is entirely legal and increasingly common to ask for discounts, it can be a hard market to stay afloat.
Are you experiencing increased competition, fewer opportunities and tighter profit margins? If negotiating seems like an ongoing battle, try switching up the conversation. Ask questions like “What can we do differently to make this work for both of us?” or “How can we work this to ensure an ongoing successful relationship?” People tend to put emphasis on the first impression, but it’s the last one that matters most. Building relationships with your supply chain helps solidify your future. Anyone can drop their price to win a deal, an alternative is to offer value to the transaction and honor business relationships who do the same.
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