As you bring your franchise to life, you will heavily rely on your vendor partnerships for a timely and quality build. As you start to shop around for vendors you’ll inevitably come across some that sound like a perfect fit, solving all your issues under budget! While we all love to route for the optimistic outcome, there may be some signs you’re not in for as good of a relationship as you were led to believe. In this post, we’ll help you identify red flags in third-party vendors, and explain what you deserve in a long-term vendor partner.
Quality communication is critical to a vendor partnership. (duh, Cara.) I hear you! What seems like a simple fact has some loaded implications and potential benefits. As your vendor partner gets to know your concept, and in return, you develop a relationship with this vendor, there should be a constant dialogue. All questions and concerns should not only be addressed, but elaborated upon – educating the opposite party. This will give an insight into the ‘why’, remove assumptions, and can help the vendor be a better advocate for your concept – for this build and future ones to come.
On the reverse side, you may learn a thing or two from your vendor on the best practices to resolve the issue at hand. This will be the foundation of a partnership that is supported and successful, getting better with each build.
Of course, the basics of communication need to be there for this relationship to thrive. Having a reliable point of contact, routine check-ins, etc. You should leave each interaction with clarity and confidence in your project, getting answers to any questions you have!
Hearing what you want to do on calls is great and all, but not seeing words turn into action is a quick way to diminish any trust. A great vendor partner will hold themselves accountable to put those words into action to move your project forward. As they learn more about your concept, they can take proactive steps to be the best advocate for your needs. Seek a vendor partner that prioritizes accountability in their work and communicates accordingly - ensuring all interactions with stakeholders result in a clear summary, action plan, and expectations.
No matter the project, challenges tend to arise in Construction, but how they are handled will put your character on full display. Facing and handling challenges does not (and should not) need to resort to blame-shifting – a scapegoat doesn’t solve anything! A good vendor partner will approach the issue in its current state with honesty and grace, and work to overcome the issues in a positive, productive, and respectful manner.
Flags: Too high/low; inconsistencies in scope
Does the cost seem too low to be true? Chances are, it is! It may be a tool to get you in the door, only to be raised shortly after you have signed. Another unfortunate loophole is leaving things out of the legal contract that were affirmed verbally in the sales stage, leading you to believe you were getting a better deal than you did.
Too high? They may be taking advantage of the unresearched and more vulnerable consumers. What you are getting may also be excessive for the needs of your project. It is critical to talk through your expectations of your vendor and your budget.
Are they in the middle range of the spectrum, and the contract lines up? Chances are this vendor knows their worth and provide a quality service or product. They have internal efficiencies in place that allows them to deliver at a good price point. We'd recommend comparing these vendors for a quality outcome!
Have any of these red flags, or others, come up in your project? There is always a way to make it better! Keep doing your research and following up on references, and you’ll find a skilled, empathetic vendor who may be able to jump in and provide some guidance on your situation.