Are You Getting the Most Value Out of Your Vendors?

Business owners are typically well-aware of the potential cost of vendors that don’t perform. Wasted time, mediocre work, and nickel-and-diming all affect your bottom line. But despite this awareness, many network solutions providers are still failing to complete regular vendor audits to ensure their work is being performed correctly, efficiently, and within budget. If you’re finding it difficult to keep up with all the various contractors you’ve hired, it’s time to start implementing regular vendor evaluations.

Vendor evaluations are a best business practice

Vendors and the work they deliver are key elements of your business success. Because of this, completing regular audits is considered a best practice. A well-managed vendor relationship will result in a number of benefits:

[sidebar]Atrion at 30 Years
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• Increased customer satisfaction
• Reduced costs
• Better quality
• Better service

What does a vendor evaluation look like?

There are many ways to approach vendor management, and you should find a method that works best for you. But to get you started, here are some guidelines you can follow:

1. Scrutinize the prospects.
   At the very least, you’ll need to look at all your vendor options in the beginning stages of selection. Don’t be afraid to repeat this process if the vendor you’ve selected isn’t a good fit. Stick to your basics, avoid the lure of bright and shiny extras you don’t need, and read the contract closely to identify your best choice.
2. Remain flexible.
   If you can, avoid exclusivity in your vendor relationships. You need to be able to respond to the needs of your business — even if that means involving your contractor’s competitor. Be wary of any companies that impose major penalties for relatively small infractions, and be open to accepting some vendor requests if they don’t infringe on your overall goals.
3. Monitor performance.
   Don’t be like Dr. Evil; never assume everything will go according to plan. As we know, this almost always results in failure. In the beginning, you’ll want to monitor everything. You can relax your management as you build trust in your vendor delivery.
4. Communicate constantly.
   You know everything you need to know to keep your business running — your vendor doesn’t. Be sure to communicate from their vantage point so important details aren’t missed. This will minimize miscommunications, which will diminish delays and missed deadlines.
5. Renew contracts regularly.
   Keep your contracts up to date and mark your calendar with the expiration date of every contract so you are prepared to renegotiate if needed.
6. Complete evaluations routinely.
   Pick a regular interval that works for your business, and plan to conduct your evaluations according to that schedule.

Atrion’s Vendor Maintenance Program

Atrion offers a Vendor Maintenance Program that can help you organize or kick off your vendor management evaluation. The program includes the following key services:

• Contract registration
• Maintenance reports
• Co-termination of all vendor maintenance
• Renewal quoting and processing
• Serial number tracking

If you’re having a hard time remembering to evaluate your vendors, Atrion’s Vendor Maintenance Program can help you keep track of your contracts. For more information, contact Atrion at 908-231-7777 or info@atrioncomm.com, or visit us online.