If there's one already going, then join it, if not then start your own. By joining with other companies to form a buying group you can achieve substantial savings in a short period of time.
The idea is quite simple. Manufactures offer bulk prices to companies who buy a lot of stock. As individual companies you probably can’t buy a large enough volume to get these prices. But if you join together with other companies who also sell these products, your combined purchasing power should enable you to get a better price.
Hints and Tips:
- Buying in groups gives you immense leverage.
- Only join with reputable businesses that pay on time.
- Coordinate your purchases carefully... it's almost always a case of the bigger the order the better the deal.
- When negotiating with suppliers, constantly remind them that a NO to you means a NO to a number of customers.
Re-finance:
If you have a number of loans then you need to consolidate them into one. This gives you the advantage of only paying one lot of interest and one repayment. You also need to shop around to find the best interest rate. This doesn't always mean the cheapest so make sure the one you choose suits your particular needs.
Hints and Tips:
- Don't just look at the interest rate, the features and benefits are also important considerations.
- Shop around regularly... there's now fierce competition between the banks, non-bank lenders and credit unions.
- Offer the chosen institution all your banking needs - business and personal - in exchange for an even better deal.
- A solid business plan often makes negotiations easier.
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