With years of experience of doing contract and vendor negotiations we are uniquely qualified to add substantial value in this area, leading to reduced contract negotiation time (and corresponding cost savings).
Contract negotiations can be costly and time consuming. Organisations do not have to win all the arguments, just the ones that count the most. Experience and depth of knowledge is crucial for these situations. The objective is to secure an successful outcome for the business without damaging the supplier or vendor relationship so that they make decisions to achieve an acceptable business outcome.
Some strategies for planning successful contract negotiations should include –
- Ranking business priorities along with alternatives
- Understanding the difference between NEEDS and WANTS of the business
- Knowing and understanding the bottom line so you know when to walk away
- Identifying time constraints and benchmarks in advance
- Assessing potential risks and consequences thereof
- Consideration of high priority issues like – Confidentiality, non-compete, non-solicitation, dispute resolution, or changes in requirements
- Ensuring there are mechanisms and checks for “Doing the Same for Your Vendor
- Enough time for professional preparation
To find out how we can help you achieve favourable outcomes with your strategic vendors or suppliers, book an appointment here.