Best Practices in Vendor Negotiation
Updated: Nov 23, 2020
No organization exists in isolation and no matter what business you’re in, there is one universal truth: you will have vendor agreements. Whether they’re informal handshakes or formal agreements, those arrangements can serve as a great benefit propelling your organization forward or they can do serious harm and hinder your progress. By following some basic best practices, you can protect your interests and ensure that you’re in the first group and not the latter.
Expense Consulting’s Principal, Stephen Carrabba, recently shared some insights with McKnight’s Senior Living from first-hand experience in the contract negotiation business which you can find at the following link: McKnight Article. Practical, common sense advice includes making sure you don’t overcommit your organization and that you retain flexibility for when conditions change, and they always do. Make sure that you have clear rules regarding signing authority. The benefits from establishing clear expectations far exceed the potential pitfalls by allowing a process-by-default free-for-all.
As always, Expense Consulting is ready to provide your organization with guidance across a range of spend categories. Are you ready to let us help?
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Expense Consulting is a full-service accounts payable auditing and cost reduction consultancy, helping organizations significantly reduce operating expenses. Since 2009, we've helped hundreds of organizations recover millions of dollars of over-billings and have secured millions of dollars in future cost savings. To learn more about reducing your organization's expenses, contact us at (860) 761-3500.