In Event management, the vendor selection process is important no matter how small the part or how simple the service. However, this process can be a very confusing, complicated and emotional undertaking if you don’t know how to approach it from the very start. Here is our five-step approach to help you select the right vendor for your event, be it catering, decorations, Sound engineers or any simple niche service needed for your event to flourish.
STEP #1: ESTABLISH EVENT OBJECTIVES AND ANALYZE EVENT REQUIREMENTS
The toughest part of the vendor selection process is analyzing the business requirements. This involves understanding the objectives of the event, creative direction, determining budget and spend limits, and any other major client preference to be placed in consideration for the event.
STEP #2: VENDOR SEARCH
The second part of the vendor selection process is to perform a comprehensive vendor search and create a “short list” of vendors to pursue. Done correctly, this will position your event to find the right vendor and create a competitive atmosphere between competing vendors.
STEP #3: REQUEST FOR PROPOSAL (RFP) AND REQUEST FOR QUOTATION (RFQ)
The third part of the vendor selection process is to write a Request for Proposal (RFP) or Request for Quotation (RFQ). A well written RFP or RFQ is the critical success factor in our vendor selection process. However, some events, based on a very short preparation time, might require a comprehensive face to face meeting.
STEP #4: PROPOSAL EVALUATION AND VENDOR SELECTION
In our vendor selection process, this is the most crucial step of all. Lack of preparation and not paying attention to detail can lead our team to recommend the wrong vendor for your company, and that can sabotage our entire operation, so we DO NOT take it lightly.
STEP #5: CONTRACT NEGOTIATION
The final stage in the vendor selection process is developing a contract negotiation strategy with the aim that both sides will gain from coming to an agreement. With this contract drawn up, we can then place the vendor into our event plan.
We have personalized bespoke decorations which could be specially customized for your event. Every aspect of your event will be checked and rechecked in advance, so you can be sure it will be a seamless occasion.