E71: How To Add Upto 30% Extra Profits To Your Business Using Suppliers

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90 Day Scaling System Podcast

Mark Vurnum

74 episodes

5 months ago

Are you a small or medium-sized business owner looking to unlock the secret to rapid scale in profits and sales? Look no further! Welcome to "The 90 Day Scaling System Podcast" with your host, Mark Vurnum.

In this podcast we dive deep into the transformative power of the '90-Day Scaling Quadrant'. Discover the FOUR 'hidden' scale levers within your own business that can double your sales and profits in 90 days or less.

We'll guide you through the strategic framework that will revolutionize the way you approach scaling your business.

Join us as we explore actionable strategies specifically tailored for small and medium-sized businesses. Learn how to:

Dramatically increase your profits
Cost effective customer acquisition strategies
Simple client retention strategies
Acquiring and leveraging other peoples assets and business for rapid scale
And so much more...

If you are a business that wants to grow and frustrated then this works for ANY business, in ANY industry!

Your Host: Mark Vurnum, a seasoned business growth expert, will be your guide, providing practical insights, success stories, and step-by-step guidance for implementing these strategies. Having worked with over 7,000 business owners, Mark will guide you with a touch of fun and excitement, each episode will leave you inspired and equipped with the tools you need to take your business to the next level.

Don't miss out on this opportunity to learn how to double your business in just 90 days. Subscribe now to "The 90 Day Scaling System Podcast" and join the community of ambitious business owners who are ready to unlock their potential for rapid growth.

Remember, success is just one strategic move away. It's time to scale smarter!

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We'll guide you through the strategic framework that will revolutionize the way you approach scaling your business.

Join us as we explore actionable strategies specifically tailored for small and medium-sized businesses. Learn how to:

Dramatically increase your profits
Cost effective customer acquisition strategies
Simple client retention strategies
Acquiring and leveraging other peoples assets and business for rapid scale
And so much more...

If you are a business that wants to grow and frustrated then this works for ANY business, in ANY industry!

Remember, success is just one strategic move away. It's time to scale smarter!

Hosted on Acast. See acast.com/privacy for more information.

Entrepreneurship

Business,

Marketing

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E71: How To Add Upto 30% Extra Profits To Your Business Using Suppliers

90 Day Scaling System Podcast

3 minutes 57 seconds

1 year ago

E71: How To Add Upto 30% Extra Profits To Your Business Using Suppliers

The Vital Role of Supplier Negotiations in Business Expansion

Negotiating with suppliers is more than a cost-cutting exercise; it's a strategic initiative that can redefine your financial landscape:

Immediate Margin Improvement: Cost reductions gained through negotiation can lead to significant enhancements in profit margins immediately.
Sustainable Competitive Advantage: Savings from negotiations can provide the flexibility needed for innovation, product improvement, and market repositioning.
Fostering Strategic Alliances: Viewing suppliers as partners, not just vendors, can lead to preferential pricing and terms over time.

A Strategic Approach to Supplier Negotiations

For effective supplier negotiations, you need a plan that's thorough and flexible. Here's a structured approach:

In-Depth Market Analysis: Equip yourself with comprehensive knowledge of the supplier's market, competition, and pricing tactics. A complete understanding gives you leverage in talks.
Mutual Benefits Identification: Look for areas where you and the supplier can both gain from the arrangement, such as long-term contracts, bulk orders, or joint marketing initiatives.
Value-Added Partnership Communication: Emphasise that your interest in negotiation is not solely price-driven but aimed at establishing a beneficial partnership.

Mastering Negotiation Techniques for Maximised Cost Savings

To negotiate effectively, employ these tactics:

Volume Leveraging: Offer commitments to larger volumes for cost reductions, but carefully avoid excess that leads to waste.
Developing Alternative Options: Having a backup gives you strength in negotiations. Suppliers are likelier to provide better terms if they know you have other options.
Assembling a Skilled Negotiation Team: Create a team with diverse expertise—technical, commercial, and relational—to support a holistic negotiation strategy.

Success Metrics for Supplier Negotiation

It's vital to track the impact of your negotiation efforts:

Quantifiable Cost Reductions: Measure the direct savings as a percentage in relation to pre-negotiation costs.
Quality and Service Maintenance: Ensure cost savings don't compromise the quality or service of the supplies received.
Supplier Performance Tracking: Monitor the supplier's adherence to agreed terms, including delivery schedules, quality standards, and service levels.

Learning from Successful Negotiation Case Studies

Draw inspiration from negotiation success stories:

Retail Giants: Analyse how major retailers use their bulk-purchase power to negotiate better rates without sacrificing quality or delivery times.
Manufacturing Pioneers: Look into how leading manufacturers conduct supply chain negotiations to reduce material costs while upholding stringent quality standards.

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