Negotiating from a position of power is easier said than done
9 Tips for Better Contract Negotiations
It’s time to strengthen your contract management chops.
After all, for organizations that need to save money, negotiating better contracts with vendors is an obvious place to start.
Anybody handling contract management knows that negotiating a supplier contract is central to the value that they add to their organization. With the right skills, the right focus and enough time to spend on the task, contract negotiations can have a monumental financial impact for an institution.
The task often falls under the domain of procurement or spend management teams, but any number of roles in an organization may have a seat at the table. And, while some people are superstar contract negotiators, many would rather avoid it and simply don’t look forward to haggling with suppliers.
Good contracts not only net organization’s lower costs, they also can lead to better service, favorable terms and improved overall value. That all adds up to huge savings - on the contract itself and new efficiencies for your own organization.
For many, negotiating contracts from a position of power and knowledge is easier said than done.
Let’s face it: Negotiations can be charged with plenty of tension as the various players tiptoe around each other’s needs and wants - or, on the flip side, bumble through the process unprepared and not willing to listen.
Meanwhile, negotiation tactics run the full gamut - from practical and timely to, unfortunately, devious and deceitful - and nobody likes confrontation.
To add to the complexity, every situation is unique. In some cases, delivery will be the most important factor. In others, it may be price. Although, as you will discover, it’s important not to focus on either exclusively.
But it is possible - for even the least seasoned negotiators among us - to secure better contracts, lower costs and boost profitability. Download our eBook for essential tips to ensure you enter your next round of negotiations with confidence.