![]() ![]() ![]() So why doesn’t anybody outside the Thoroughbred racing niche know their names? At ages 24 and 25, the Ortizes are poised to inherit the mantle of Hall of Fame riders such as Angel Cordero, Jr. They should be a marketer’s dream come true. Inflationary pressures are definitely building. We just don't know if they are long-term increases or transient ones until supply and demand normalize over time. Inflation may be in headlines, but don't get caught up in the hysteria. And don't let your suppliers blame inflation as a reason for a price increase. How do we negotiate with suppliers using inflation as the rationale for an increase? By relying on the tried-and-true methods of preparation, patience and poise. Just like we did before the current inflation scare. Let's look at some negotiation techniques to combat panic increases. Avoid the common "everyone knows that prices are going up" strategy from suppliers. This approach has been used for cost pressures related to feedstocks, precious and base metals, borrowing costs, and even the increasing cost of medical insurance for employees. Resist unsophisticated blanket statements from suppliers and negotiate based on actual business circumstances.Īsk for proof. Request a cost break down from suppliers as part of the negotiation strategy. Identify specific areas of upward pricing pressures, but also look for corresponding drops. This exercise is also a good impetus for cost reduction opportunities. Perhaps the stainless steel part you are using can be just as effective in plastic. Always link value analysis to negotiation, especially during a time of price volatility. There may be actual increases to deal with. Focus on them and don't accept an across-the-board increase.Įxamine the economics. Understand your business drivers and those of your suppliers. Know the short- and long-term market trends of your commodities. Knowledge allows you to negotiate from a position of strength. Be proactive in commodities that appear to be rising. Your suppliers are trying to determine price increase strategies. Take the offense in addressing the issue. You just might get some beneficial pricing … perhaps at the expense of other less proactive customers. ![]() Sure, there may be items in short supply that come with high price tags. If the cost of these volatile commodities is included in the sales price, there is limited leverage to renegotiate when the price falls. Identify the volatile commodity and break it out from the cost of the purchase by negotiating a surcharge. The cost remains the same, but you are acknowledging and paying for the volatility as a separate charge that may eventually go down or even get worse. Link the surcharge to an agreed upon data source to support audits. ![]() Take advantage of your strategic sourcing and supplier relationships that have been cultivated over time and have withstood the perils of the pandemic. Have the difficult conversations around cost, price and value. If pricing must increase, look for other areas for offsetting reductions, including improvements in ordering efficiencies, a change in payment terms, consignment programs, early supplier involvement opportunities or offsetting reductions on other more stable commodities. Approach the negotiation in a holistic manner while not just focusing on price.Gold Pres accepts returns/replacements within 30 days from the date the item(s) was delivered, ONLY if it's damaged or defective upon receiving.Īfter the 30-day period, you will no longer be eligible and won't be able to receive a refund. We encourage our customers to try the product in the first two weeks after their purchase to ensure it fits their needs.īut in some circumstances, we will allow a ONE-TIME exchange in size, color, chain, and item of the SAME price with an additional cost of $15 for the shipping and handling fee. Return for a refund (Preferential returns) is subject to a 15% restocking fee, to be subtracted from the order total prior to reimbursement. ![]()
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