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Risk management and cost effective tip

SandySandy subscriber Posts: 2
edited July 2014 in Business Planning
It is true that most start-ups or new business can not afford a mistake, and one of the most costly is hiring or contracting the wrong vendor.  A unscrupulous vendor or one who is not qualified to do the job right the first time can cost the business owner time, money, and add a lot of aggravation.  How to avoid this?  Simple: a professional vendor screening! Not the online companies that offer references (ever wonder who gives these references?  Friened or family?  Who knows?  The only way to truly who is the perfect fit for your new company a screening conducted by someone who can get the facts..facts like:

How long the vendor has been in business and at the same locations.  Looking for experience and stability here.
The status of the business license or professional license.  An unlicensed vendor should be avoided.
If this vendor has been sued or has a criminal record.  Another big red flag.
Is this vendor required by law to pass inspection?  If so, when was the last inspection and what are the results.  The very last thing you need unsafe or out of date equiptment.
The type of pre-employment background screening and drug testing required by employees.  A company that does not screen employees should all so be avoided.
The professional organizations the vendor belongs.  Again stability.

These set of FACTS are far more dependable that just a questionable reference.  For more information of vendor screening or to set up a program designed to fit the needs of your company, log on to http://www.goldshieldli.com


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