Has your Finance department lost its bargaining power?
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.
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