Negiotiate your vendor contracts with an RFP bidding process

By Negotiating vendor contracts directly with RFP’s, you could start saving yourself a fortune!

By using RFP’s, you can increase competition and lower prices. If you’re not familiar with RFP’s, then keep reading!

If you haven’t heard of an RFP before, then you are about to learn something which could save you both time and best of all money. RFP stands for ‘Request for Proposals.’ Setting up your own RFP’s can seem daunting and consuming, and individuals doing their own will find it quite exhausting, but don’t panic. There are companies out there whose only job is to help business owners such as yourself setup and manage RFP’s.

As is the case with most business related procedures they can be quite time-consuming and complicated to setup, but once you have them organized you will begin to see some real cost-saving benefits. The RFP process is a way in which you can solicit services from vendors and suppliers outside of your business. If you have a problem getting certain things accomplished, or it is more time-consuming and expensive for you to do them, you can source outside vendors to take care of them for you. This is particularly good for services which you can do, but don’t specialize in. Often going to companies that specialize in certain areas is quicker than trying to do them yourself.

If you have to provide a service to a client, and that service is made up of a number of other services, then organizing them all to be ready when you need them is complicated. When time is important, you can’t afford to miss deadlines. By organizing RFP’s, you can get other companies or businesses to take over small parts of a larger order, or have them handle the entire order. What you get your RFP’s to do is only limited by your own imagination.

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About the Author My Banker Jermain

Jermain Pettis is a trusted commercial banker with close to two decades of banking industry experience. Jermain leverages extensive financial solution knowledge, diverse banking experience and a customer-centric approach for first-class financial advisement to his clients and prospects across multiple industries in and around the State of Georgia.

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