The Importance of Financially Vetting Your Suppliers
Business and project managers spend a lot of an organization’s money on long-term contracts with suppliers.
eBook: The Importance of Financially Vetting Your Suppliers
Successful companies embrace their suppliers and vendors, viewing them as partners in helping to grow their businesses. Making sure that this is a mutually beneficial partnership will impact the quality of service you get in the future. Instead of getting stuck on price only, we recommend a focus on the quality of service. A vendor can have the lowest price and the lowest quality of work, too.
It is important to work with vendors that are strong financially and can complete the required work. While it is great to save by working down the price with vendors, there is also the problem of a vendor failing to deliver key products or services to an organization due to undisclosed financial issues.