The Perils of Hiring the Lowest Bidder
Seems like a no-brainer, doesn't it? After all, you're saving gobs of cash, so what could go wrong? It just means you're a smart businessman, right? RIGHT?! After all, "Negotiate, negotiate, negotiate" has been taught from birth. "Never accept the first price." yada, yada, yada. Unless, of course, this strategy could actually cost you your reputation, your property, your savings, your investment, and your future. Tattoo this onto your brains... "Lowest bidder" means "Lowest quality." "Lowest quality" means "Triple investment." Wait... what? You heard me. Choosing the lowest bidder, on average, costs up to 3x the cost of the original job in the long run, due to unacceptable deliverables, missed deadlines, premature replacement costs, dings to your reputation and guest satisfaction/reviews, and do-over costs. There is a reason why vendors who provide quality products charge a higher price. And it's not s
