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Attract the Right Job or Clientele:

Do Research Before Renewing Contracts to Protect the Bottom Line

Most people are on a tighter budget, prompting more business questions than ever, and making it critical to double-check finances and expenditures on every level. Before renewing a long-held contract, it is wise to review the specifics and compare it to competitive suppliers, as social change, governance, and costs continue to evolve.

While businesses strive to make a decent profit, they need to heed the fact that clients must also tend to their budgets. It’s a tricky balancing act to keep everything in order and continue forward on both sides of the equation. Accordingly, our blog suggests, ‘Do research before renewing contracts to aid the bottom line.’ Our topic arises from a recent experience.

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Protect the Bottom Line

Image via Geralt, Pixabay

Set Boundaries

It is easiest and less time-consuming to renew a contract. However, upon receiving a renewal that has your jaw-dropping, it’s best to set aside time to research alternative suppliers. One word of caution beware of those attempting to ‘push a sale’ vs. those looking out for your best interests.

Upfront Research

I habitually research three suppliers for a necessary service, encompassing the services provided, expected outcomes, fees, and client reviews. On the back end, it’s wise to research company ratings from Yelp, Google, the Better Business Bureau, and other reputable sources, as applicable.

It’s typically best to compare 2-3 suppliers in live conversations before making a final decision. Also helpful is to listen to the tone of voice and their selection of words to ensure they aren’t pushing a needless service or attempting to talk you into one beyond what is necessary.

Upon contacting top-rated suppliers, I ask numerous questions. Upon liking the answers of some, including their tone of voice, I next ask questions concerning whether estimates are part of the process and the timeliness of the service. Finally, I compare the work styles, attitudes, and promised work among the three contenders to select the one that I believe to be the better fit.

Securing Ongoing Business and Contracts

As a client, upon receiving a contract from a service that had been in place for many years, I realized that it was nearing its end. The amount requested is jaw-dropping, and I instantly knew to decline the renewal. Accordingly, I visited another firm to compare services.

The congeniality, willingness to review the contract, professionalism, and helpful suggestions were impressive. There was no doubt that I was in the right place at the right point in time. 

Humor Always Helps

By the time I reached home, I realized the gentleman with whom I had met has the right talent and persona to contribute content for our blog audience. I extended an offer to him to share insights concerning his industry and how his audience will do best by researching the necessary information upfront. 

The outcome of our conversation provided a good laugh for both of us and a fond memory as he suggested that either I pay him a ridiculous fee or write a good review for his firm! There is little doubt that we will enjoy working together in multiple ways.

Conclusion: Do Research Before Renewing Contracts to Protect the Bottom Line

Business is challenging on many levels; however, taking the easy path forward can put one in jeopardy. Before making a financial decision, it’s wise to research alternatives when something doesn’t appear satisfactory. Becoming astute concerning the better people and companies with whom to conduct business will provide benefits long after the contract is official. Accordingly, we have a far better opportunity to remain in business as long as we desire.

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1. Commit to your long-term vision for accomplishment(s). 
2. Always keep long-term goals in mind before renewing contracts while working for the greater good and for everyone to feel the ‘win.’
3. With client goals, priorities, and values in mind ensure everything is in proper working order and notify them about forthcoming change.
4. Ask clientele whether they have concerns about ongoing business and how they see you continuing working together.
5. Never underestimate anyone’s novel ideas; remember that each person and country operate differently.
6. Share favorite learning moments with peers and current clients to improve client engagement.
7. Habitually seek out new ways to improve engagement for business growth.
8. At the end of all communications, ask team members involved if they have questions to ensure clarification.
9. ‘Don’t give up – find a better way!’
10. Celebrate Success!

Today’s insights are provided to help you achieve the Smooth Sale!

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