Are Your Supplier Contracts Helping or Hindering Your Business?
As a business, do you truly understand how your supplier contracts impact your value and growth? Suppliers play a vital role in the smooth running of your operations—but how do you know when a supplier relationship stops adding value?
How often do you take the time to review supplier performance and value, or are you sticking with the same suppliers out of habit or convenience?
Key Questions to Maximise Supplier Value
When did you last conduct a supplier review?
Does your business still need their products or services? Do they align with your current and future needs? Start by preparing a full list of your current suppliers—you might be surprised by how long it is!
When did you last evaluate supplier performance?
Are they keeping you updated with industry developments, innovations, or offering the same outdated solutions? How do they handle queries or complaints? Compare them to others in the market.
Are you getting the best financial deal?
Are there payment review clauses, discounts, or clawback provisions you’re not using? When did you last discuss payment terms or renegotiate pricing?
Have you checked the legal compliance of your suppliers?
Are they still accredited and permitted to provide the goods or services you require?
What If You’re Not Getting Value for Money?
These are all questions you should be asking at least annually. If your review shows a supplier no longer serves your best interests, it’s time to act. Whether you’re considering contract termination or renegotiation, we can support you.
You might not have a replacement ready, or you may have missed an auto-renewal window. But with the right planning, you can take control and make your contracts work harder for your business.
How We Can Help
Our Business Services team can assist with supplier contract reviews, helping you improve relationships and boost long-term profits. With expert legal guidance, we’ll ensure your supplier contracts align with your business goals and remain a true asset.
For any matters relating to business law, contact our Business Services team on 01908 660966 or 01604 828282, or email [email protected]
Written by Andrea Smith
Partner, Business Services at Franklins Solicitors LLP
Specialises in business services and commercial property, led by Andrea Smith (Partner, Solicitor & Head of Business Services) and Christopher Buck (Partner), supported by two trainee solicitors and a commercial property assistant based in Northampton.
Andrea Smith is a Partner and Head of Business Services at Franklins Solicitors LLP, overseeing the Corporate, Commercial Property, Employment, and Intellectual Property teams. With a strong specialism in mergers, acquisitions, and disposals, Andrea also advises on shareholder agreements, restructures, joint ventures, and general company law matters. Her clients range from owner-managed businesses to large international organisations.
Andrea is known for her flexible, client-focused approach. She also plays an active role in the local business community as a Director of Northampton Town Centre Ltd and has received multiple awards, including Commercial Lawyer of the Year (Midlands, 2016) and Partner of the Year (2017).
In her spare time, Andrea enjoys running and hopes to one day complete the Great Wall of China marathon.
