When's the last time you negotiated prices with suppliers? Is your practice sticking to one supplier, or are you usually on the hunt each week for the best deals?

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Negotiating deals may not be your favorite part of the job as a dental professional, especially if you don't naturally see yourself as an entrepreneur.

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But the truth is, if you're running a practice, you're essentially the owner of a dental business.

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This means you've got a range of business tasks on your plate. Negotiating with suppliers is as vital as managing your marketing, accounting, or customer service.

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In this post, we’ll explain why supplier negotiations can benefit your practice a lot more than shopping around for the best prices on a weekly basis.

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We will also guide you through 4 easy steps to drive down your dental supply expenses with successful negotiations.

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Ultimately, we’ll explain how Invedent can help you find the best deals on supplies while also building positive business relationships with your suppliers.

Table of contents:

1. Why does your dental practice need to negotiate the right deal with suppliers?
2. 4 simple and easy tips for winning supplier negotiation

Why Does Your Dental Practice Need to Negotiate the Right Deal With Suppliers?

Negotiating with suppliers might not always mean securing the lowest possible prices, but fostering a solid relationship with them can bring multiple benefits to your practice.

Think - What makes a good supplier “good”? While price is important, there are many other key qualities to consider when selecting your suppliers, such as value, location, communication, delivery times, and payment terms.

If you're constantly scouting for the best prices week after week, there's a chance you might end up with a supplier who doesn't quite fit the bill—like one who hikes up freight costs unless you hit a certain order quantity.

That's why it's wise for your dental practice to stick with one or just a few suppliers, rather than jumping ship for discounts and offers.

To sum it up, here are the key reasons why negotiating with suppliers is crucial for your practice:

• A mutually valuable relationship with suppliers can help you achieve long-term cost savings.
• As the relationship between both parties develops, your supplier gets to know more about your practice. This enables them to increase efficiency and easily resolve any issues that may arise.
• Good supplier relationships allow you to avail of discounts and other attractive deals.
• A well-managed relationship with suppliers results in increased trust and improved communication.
  

That being said, let’s explore some simple and effective tips for negotiation with suppliers.

Simple and Easy Tips for Winning Supplier Negotiation