Wednesday Wisdom: Contract Eagle Eyes

Wednesday Wisdom, Inspiration, Women Entrepreneurs, Female Business Owners, Small Businesses

The sticker shock was real. It was in black and white on the proposal needing a signature. There must be something out of whack I thought to myself as I re-read the agreement over again. Not only was the pricing four times the cost I remembered, but there was no exception for an event cancellation, which was totally unheard of a decade ago, and Pre-Covid. Shaking my head, I thought I’ve been out of the request for proposal game for awhile using mostly familiar venues, vendors, and friends of my longtime business.

Not being satisfied with the high cost, I decided to search for more bids to see if the price shock was justified or some sense of price gauging since the pandemic hurt the event industry. Not only did past clients demand multiple bids and options for vendor selection when it came to weddings or special events, but comparing prices, offerings, and reviews before signing a legal document made sound financial and management sense.

I drive fast, talk fast, and typical make quick decisions but when it comes to financial contracts, I move slow ensuring all the i’s are dotted and t’s crossed before proceeding. Slowing down sometimes when it comes to financial decision is a wise choice, especially in today’s world when everything has risen in price. We must ensure the increase in prices are warranted and not just an easy response for a business to capitalize. As women entrepreneurs, we understand this situation walking the fine line between pricing, profit margins, loss, and signing clients.

Today’s Wednesday Wisdom might motivate you to reconsider your pricing policy Post-covid. Are you in line with competitors and the marketplace today? Are you priced too low or too high? Are you gaining or losing business based on pricing and contract verbiage? Have you paid enough attention to this area of your business lately? If not, it might be time to do so.There are many factors that go into pricing make sure you are where you need to be.

In the end, we’ll choose the right vendor for this event based on their reputation, reviews, ease of working with us, contract clauses and pricing. It is a “package” deal when it comes to securing vendors in 2022.