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Building relationships with suppliers.
At Connected Accounting we can provide start-up businesses in the St Albans area with help and advice. Here are some basic considerations regarding suppliers and purchasing.
When it comes to building a market and servicing it, you and your suppliers are on the same side, so you should consider trying to build a relationship with them that reflects that.
Sit down with them as 'partners' and try to work out an arrangement that benefits both parties.
Try to identify:
In a period of economic difficulty or uncertainty, remember that suppliers might raise their prices, so try to negotiate a long-term discount with them.
You could also consider putting all major costs out to tender on a regular basis.
If you are starting a business in the St Albans area and would like help and advice, contact Connected Accounting.
01 Jul 2022
The UK's businesses are facing a perfect storm of increasing costs and time is running out for the government to act, the British Chambers of Commerce (BCC) has warned.
30 Jun 2022
HMRC is reminding families not to miss out on the financial support offered by its Tax-Free Childcare (TFC) scheme.
29 Jun 2022
The Financial Ombudsman Service recently published its annual complaints data for the 2021/22 financial year and found that complaints about 'authorised scams' increased by a fifth.
28 Jun 2022
The Federation of Small Businesses (FSB) has urged the government to 'lean lessons from the implementation of coronavirus (COVID-19) health measures' to generate a regulatory business environment that steers away from recession.
27 Jun 2022
The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 banknotes after 30 September 2022.
24 Jun 2022
The estimated tax gap for the 2020/21 tax year is 5.1% - the second lowest recorded percentage - and is unchanged from the previous year, according to the latest data from HMRC.
23 Jun 2022
The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.
22 Jun 2022
UK inflation has risen to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to the latest data from the Office of National Statistics (ONS).
Get in touch with us today for a fresh perspective and a free consultation.