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Dear Mr. Nadeem Asghar,
Thanks for the valuable comments & noted!
As per my research i would like to add more things as mentioned below.
1. When negotiating with suppliers, make sure they know you are someone who will give them repeat business, over the long term. If you have a track record of past purchases, let them know how much business they can expect from you based on those purchases.
2. If the supplier won't budge on price, you can still negotiate for other things that will help lower your expenses. For example, you can negotiate to reduce the amount of your down payment, for a discount when you purchase in bulk, for faster shipping without additional expense to you, or for improvements to the warranty.
3. In order to encourage competitive pricing, talk to at least three suppliers and let each of them know that you are getting other quotes. Explain to them that you will go with the supplier that offers you the most competitive bid.
4. Suppliers are concerned about their accounts receivable just like any other business owner, so another way to secure bigger discounts is to offer large deposits on your orders.
5. The rules are the same when dealing with a supplier as they are in any business negotiation, and the most basic rule is to never accept the other party's first offer. Instead, you can issue a counter offer or ask them to get back to you with a better price.
6. Suppliers love business owners who order a lot of product from them, and oftentimes those people get deeper discounts. If you've been giving your business to multiple suppliers, consider transferring all of it to one.
7. It's important to maintain good supplier relationships by remembering that while they need you as a customer, you need them, too. Be sure to pay your bills on time, maintain open communications, and treat the relationship as a partnership, where both of you get what you need.
