Make equipment contracts work for you: 4 tips
December 8, 2009 by Sam NarisiPosted in: Latest News & Views, Solutions
Tough economic times do have one upside for businesses:
Many have a chance to negotiate better prices on equipment leases.
The recession is tough on everyone, and that includes vendors. Therefore, they more be willing to budge on price to keep business going.
You may not even have to switch vendors — many businesses are finding big savings by renegotiating current contracts. Some tips:
- Do your homework – Come to the discussions armed with market data that shows competitors’ prices have fallen and make your case for a price reduction.
- Stress the long-term – To offset the vendor’s cost concerns, stress the fact that you’re in it for the long haul and that a reduction is the best way to ensure a long-term relationship. It helps if you’ve been a loyal customer for a while.
- Pay faster – Vendors are more likely to give you a better deal if you’ve consistently proven you can pay on time, or ahead of time.
- Think beyond price cuts – If a business won’t budge on costs, try to negotiate better service agreements, discounted supply shipping or other perks.
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Tags: contracts, leasing, negotiation
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