Posted on 06 August 2019 in Help & advice
Amidst often controversial situations that arise on reality TV shows, sometimes there are lessons to be learned in business as to who your bed partner is. Okay, when dating we might do a bit of background checking using available technology to investigate their social media profiles, google searches and so on, to check they are not some kind of mass murderer, but do we do the same with our business relationships?
How do you make capital expenditure decisions? do you check the financial credentials of your new supplier? If you are looking into a business contract that will be 3 to 5 years how do you know that the business you are partnering with has the longevity to go the distance with you? Can they sustain the levels of support you need for your business for the entire term or will you be left high and dry ‘holding the baby’?
Are you coming out of the pot and into the fire? We appreciate that any business can be sold, but can you afford to be waiting around for toners, lacking support or engineers to service your business machines? Any delay in support can lead to your business becoming inefficient and therefore impacting negatively on the service your business delivers.
So, it’s not Love Island, but it is about doing your homework before you get under the covers. Cost can be a factor, but it isn’t the only factor, cheap may not always mean best for your business. Do your homework and investigate the supplier’s financial credentials, research the business on companies’ house, are they a credible business and what do their current customers have to say about them. Their customers will give you the most honest opinion.