Checklist

Assessing their financial stability and your risk

Financial assessment

The health of the company you hire has a direct impact on the level of risk associated with your project. It might seem in-depth, but don't overlook these essentials.

For example, if your project budget is £1 million, and the company has an annual turnover of £5 million, then you could put them out of business by hiring them! How will they afford to purchase resources for your project? It's best to make sure that your contractor has the right backing and resources to complete your project properly.

Some common items to evaluate are:

  • Will they guarantee to deliver on budget, with no surprises?

  • Will they guarantee to deliver on a fixed date, with no delays?

  • Will they guarantee to deliver a snag-free project?

  • Do they have the purchasing power to negotiate for materials, furniture, etc., on your behalf?

  • Do they have a formal feedback process at the end of the project?

  • Do they have the financial backing to complete the project?

  • Do they have a healthy balance sheet (with evidence)?

  • Is the total cost of your project a small percentage of their annual turnover?

  • Do they offer a JCT 'design and build' contract, taking on total responsibility for the project?

What services are included?

Choosing the right office design and fit out partner