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.
