November 2003 Food For Thought
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IN THIS ISSUE:
Choosing the Right Vendor

"Experience is that marvelous thing that
enables you to recognize a mistake
when you make it again."�
" Franklin P. Jones

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Choosing the Right Vendor
What You Need to Know

Choosing the vendor that's right for your
organization can be tricky. Whether
you're in the market for surveys, new
medical supplies, or a meal service
provider, there are some key points to
keep in mind. Here's what you need to
know.

Do Your Homework
Industry experience provides a foundation
of success and credibility for a potential
vendor. When considering doing
business with a newer company, study
whatever financial information is available.
This should give you a good idea of
whether or not the company will be around
for the long haul.

Find out Who's on Board
Find out how many employees the vendor
has. There is no ideal number, but check
the statistics against your instincts. Does
the staff sound large enough to meet the
needs of your organization? Are there
employees in place to handle customer
service questions? Will the staff be
sufficient to deliver the promised services?
Ask for credentials, if any are expected
for the service/product being provided.

Make Sure Measurements Are Available
The vendor should be able to give you
an overview of how they evaluate the
quality and success of every event/service
they provide.

Get It In Writing
Nothing is worse than establishing a
business relationship only to have it
disappear before your eyes. In this day
and age it's unfortunately all too common
for companies to go under. Have them state
their intentions on paper if the worst-case
scenario were to happen.

Ask Around
Satisfied clients will speak volumes
about the credibility of a vendor. Ask for
a list of preferred customers. Question
the length and scope of the relationship.
Probe for specific customer service
examples. Remember, these are the
satisfied clients the vendor passed
on" if they give luke warm response,
the outlook doesn't look too good.

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When the Tables Are Turned
What You Should Expect From
the Vendor

Yours isn't the only list of questions at
the table. The vendor will have some
questions for you as well. So be prepared!
Take note of the items below. Rest
assured that the vendor will be asking them.

1. What's your main goal? Vendors
want specifics. What is your main mission?
Which goals do you expect them to meet?
What priorities do you have for them?
Have a clear plan ready.

2. What's your price range? Whether or
not you should reveal your budget will
depend on your organization's personal
preference. If you do reveal your budget,
you can compromise by saying something
like, "We have $30,000 to allocate over
three different vendors including this
one. First tell me what I could get for
$10,000, then walk me through
enhancements you could offer if I can
increase that to $30,000."�

3. What is your timeline? Though you
may not know the exact dates, it would
be extremely helpful to the vendor if
you had an estimated timeline of when
and how long you need the product/services.