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Before you do the deal, ask these 3 questions first

Scott Ball
by Scott Ball
August 12, 2014
1 minute read
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All CFOs would agree: You want the best deal possible from any vendor …

… without sacrificing quality or safety, of course.

Here are three questions to always ask when considering a bid:

1. Does the deal sound “too good?”

Are the services offered for the quote significantly better – say 15% or more – than the competition’s?

Than you can bet the vendor is cutting corners somewhere.

More often than not it’s on labor, but it could be a variety of places.

Best bet: Check with at least two references before moving forward with the vendor.

2. Do they walk the talk?

For construction, renovations, repairs and maintenance, nothing beats a contractor with a safety Experience Modification Rate (EMR) of 1.0 or lower.

Be wary of any contractor/vendor that can’t easily produce an EMR for you.

3. Do you like them?

Usually your first impression of a vendor (not to mention a potential client) is a good barometer.

You want a partner that’s professional but friendly, and who’ll explain their business practices, for a long-term partner.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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