Make Vendors Work for Your Money
(Wall Street Journal) — Vendors should earn your business. Work toward getting the best terms for your company, not theirs. Don’t fall for bogus case studies or exaggerated sales talk. Instead, do your own diligence. Locate the vendor’s past and present clients to check out the results for yourself. When it’s time to negotiate, do it fiercely with a walk-away mentality. Fight for better payment plans and credit terms, and encourage the vendor to sweeten the pot with steep discounts, additional services and introductions to potential clients.