If you’ve noticed you’re having more trouble getting some customers and suppliers to agree to your terms recently, you’re not alone.
Bargaining power — or lack thereof — has been a major problem for finance execs at midsize organizations of late.
That’s according to a recent study by American Express and CFO Research. The study found that almost half (47%) of finance execs at midsize businesses said larger customers have forced them to accept slower payments.
Even in cases where they held a negotiating advantage, 44% of midsize firms said they had trouble getting their suppliers and vendors to accept changes in their payment terms.
So how big of a problem is this lack of bargaining power? Forty-four percent of the companies in the study said it’s their biggest obstacle in terms of boosting cash flow.